The Richard D. McDonough Caddie Scholarship Foundation was established in 1955 to award college scholarships to caddies who worked at New Hampshire golf clubs. In his first year of operation, the Foundation granted two scholarships totaling $1,000. The Foundation expanded its mission to aid young people to include any employee, male or female, of a New Hampshire golf course and changed its name to the Richard D. McDonough Golf Scholarship Foundation. The McDonough Foundation recently awarded $115,000 in scholarship grants, for academic year 2017-18 to 76 young men and women employed at 26 New Hampshire golf courses who are currently attending 51 colleges and universities. With these most recent grants the Foundation has now awarded a total of $2,507,210 since the inception of the scholarship program.

The McDonough Foundation is a volunteer organization and is extremely fortunate to have in kind contributions for accounting and legal services and promotional production. As a result operating expenses average less than ten percent of total revenue per year.

The Foundation's greatest source of revenue is generated by the Club Support Program (formerly Club Bag Tag Program) with contributions from clubs and golf courses across the state. The annual McDonough Tournament held at the end of Summer also generates substantial revenue. Outstanding financial support is also provided by individual, corporate and foundation donations, alumni contributions and very generous support provided by the New Hampshire Golf Association, the New Hampshire Chapter of the New England Professional Golf Association, the New Hampshire Women's Golf Association, the Profile Senior Golfers Association and the New Hampshire Senior Golfers Association.

Each May the Foundation hosts an Appreciation Night Dinner at Manchester Country Club. The purpose of this dinner is to thank those individuals, golf courses, corporations and associations for their support and to introduce potential supporters to the McDonough Foundation.

In April 2000, the Foundation announced the creation of The McDonough Permanent Fund. The purpose of this endowment fund was to position the Foundation to meet its scholarship obligations, renew grants annually for up to four years of college, offer more scholarships and increase the size of scholarships. To date the Permanent Fund consists of twelve named endowed scholarships endowed in the amount of $510,000.

The McDonough Foundation is a not-for-profit organization. The Foundations 501(c)3 Employer Identification Number is 02-6012491. Copies of the 501(c)3 and W-9 forms are available upon request.