The Interfraternity Council has established its first scholarship this semester, which is meant to help advance the potential of future leaders in the fraternity system and in the Greek community on campus.

“We are looking for a well-balanced fraternity man,” said Ashley Dye, assistant dean of students for fraternity and sorority affairs.

The scholarship, titled 1872 Legacy Scholarship, was formed to commemorate the 135th anniversary of Greeks being on campus, said Mark Baker, Interfraternity Council executive vice president and junior in Business.

The Greek presence on campus began with the founding of Delta Tau Delta fraternity in 1872. Since then, more than 40 fraternities have been recognized under the Interfraternity Council.

Baker said the idea for a scholarship came about last year when the previous person in his position looked at the council’s budget.

“Our position as executive vice president also acts as the treasurer,” Baker said. “Going through our records last year, we found that we have a lot of money that we could set aside for something else.”

The money went towards a $25,000 endowment in an account through the University of Illinois Foundation and will be allocated to the winners of the scholarship, each valued at $500.

The application deadline for the scholarship is Thursday at 5 p.m. The winners will be chosen by a committee the week after spring break.

Baker said he is currently in the process of putting together the committee. So far, the committee is composed of Baker, Dye, June Holmes, an assistant director of student affairs; and Phoebe Smith, career center employee.

“We’re also trying to reach out to a faculty member to be on the committee,” Baker said.

Winners will be determined based on how well they exhibit qualities of high academic achievement, community involvement and leadership potential in the Greek community, according to the scholarship application. Applicants must also be a member of Interfraternity Council and of sophomore or junior standing.

“What is important is the potential as a future leader in the Greek community, so we’re awarding it to only sophomores and juniors,” Dye said.

Brandon Gebka, sophomore in LAS, is the president of Delta Tau Delta fraternity and heard about the scholarship last year.

“It’s kind of an honor that they have something like this and that they honor the house and how long it’s been here,” Gebka said. “We bring it up every week at chapter and have been encouraging everyone to do it.”

Applications for the scholarship can be dropped off at the Turner Student Services Building, 610 E. John St.