In 1972, the Foundation received its Charter and began its signature program, medical school scholarships, first initiated by the Women’s Auxiliary (later Alliance) in 1957. The scholarship program was funded by contributions from members of the Baltimore City Medical Society, their families, and friends.  Scholarships were awarded to medical school students from Baltimore City.

When the Homewood Hospitals closed in 1991, funds in the medical staff accounts of North Charles General Hospital and the Wyman Park Medical Associates were donated to the Foundation to endow a medical school scholarship program. The Foundation was able to greatly expand its scholarship program with this endowment. Scholarships were then, and now,  awarded to students who have completed at least one year of medical school.  Students from Baltimore City and surrounding Maryland counties are eligible.

As of 2024, the Foundation has awarded over $500,000 in scholarships to over 200 students.