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Why merit based? The geek culture is one of self-starters and self-motivation. You want to target someone who has worked hard and whose grades are important to them. So many scholarships are need-based, and having personally had my first child enter college and searching for scholarships, I can personally attest that the quantity of need-based far exceed merit based.
The other benefit is your organization gets the publicity of having a scholarship named after them.
Re:That was a quick about face..."
I see what you did there
People in glass houses shouldn't show thrones.
1. Allow insurers to compete across state lines
2. Tort reform.