The Waterman Scholarship Fund (WSF), a trust fund of the United Methodist Church of Monroe, was established in 1982 by UMC Monroe member Ray Waterman in memory of his wife, Mary Waterman. As Mary was a teacher, the Watermans were very supportive of youth activities within the church and of education in particular. Therefore, the original intent of the fund was to award post-secondary education scholarships to outstanding student members of UMC Monroe. It was also intended by Ray that the value of the fund should increase over its lifetime. Subsequent to Ray's passing, the scholarships have been awarded in the memory of both Ray and Mary Waterman.

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