The purpose of the fund is to provide one or more annual scholarhips to a Triton High School graduate studying business, with preference given to a student attending Indiana University and pursuing a business degree through the Kelly School if Business at Bloomington, Indiana. Should there be no applicants meeting this qualification, the recipient may be a Triton High School graduate pursuing a bachelor's degree and attending Indiana University-Bloomington in any field of study. Should there be no applicants meeting this qualification, the recipient may be a Triton High School graduate attending any Indiana University satellite campus and pursuing a bachelor's degree with prefenece given to a student with an interest in pursuing a business degree.
The applicant must be a graduating senior who has maintained a minimum grade B average based on the school's cumulative scoring with preference given to students demonstrating financial need. The Ralph and Louise Mason Scholarship Fund is renewable annually to previous recipients at the discretion of the Scholarship Advisory Committee so long as the student maintains a minimum grade B average, remains in good standing with an institute of higher education, and on a continuous path to a bachelor's degree.