The Fallon P. Finegan Memorial Scholarship was launched in 2010 by the Hearts for Hope Foundation in memory of our beloved Fallon who passed away from a long and difficult battle with Cystic Fibrosis. The Memorial Scholarship aims at helping graduating high school students pay for college expenses. ​​

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In 2018, The Fallon P. Finegan Memorial Scholarship awarded $4,000 in scholarships to four Mansfield High School graduating seniors and $4,500 in scholarships to nine graduating seniors through Children's Hospital CF Clinic. In total, since 2011, $57,000 in scholarships have been awarded. to 40 Mansfield High School graduates and $35,000 in scholarships to 85 CF patients at Children's Hospital.