Leo Michael Sendelbach of Tiffin died in July 2012, and left Calvert Catholic Schools $472,000.
The Calvert community celebrated and presented the endowment at its Catholic Schools Week presentation Sunday.
Sendelbach was 85 when he died. He was a 1944 Calvert High School graduate. Sendelbach was a bachelor and served in the U.S. Navy from 1944-46 as a seamen 2nd class.
Alan Sendelbach, Leo's nephew, said he always donated to organizations.
The money was generated from the sale of Leo's 68-acre farm.
Recommendations on utilizing the endowment were presented to the board from Alan Sendelbach and Superintendent Hank Elchert.
Elchert said 85 percent of the earnings may be used for scholarships for students in grades 1-12 and 15 percent would go into the General Fund for equipment.
"This endowment is set as the basis for encouraging others to contribute for the purpose of assisting families in their decision to enroll their children in Calvert Catholic Schools," Elchert said.
The criteria for selecting students for the Leo Sendelbach Scholarship is the same as that of the Bishop's Cross Award, Elchert said. The criteria is first the degree of need, followed by students' involvement in community activities and actively practicing their faith.
A student may be awarded this scholarship in the amount of $1,000 once between grades 1-12.
"Depending on the size of the class, this should allow somewhere around 30 percent of the students to win the scholarship," Elchert said. "If the earnings on the endowment exceed more than $1,000 per the one students per grade level, the Calvert Board of Trustees would be allowed to assist other students' tuition based on their financial need."
A plaque is to be created to recognize students who receive the scholarship each year.
Also, Elchert said if there was a financial emergency, the board of trustees would have the option of utilizing part or all of the endowment for the purpose of maintaining Catholic education within Calvert.
Leo Sendelbach also donated to the national organization Catholic Relief Services and the St. Francis Home in Tiffin.
According to his obituary, Sendelbach received a bachelor's of science in education from Bowling Green State University and a master's in Arts from The Ohio State University.
Sendelbach was a math and science teacher for 28 years at New Riegel, Scipio Republic, Elgin and Fremont Ross High School.
Also during the presentation, the Sertell-Wax family was awarded the Holy Catholic Calvert Family Award.