The scholarship is awarded to individuals who enroll in Hofstra's Entrepreneurship Program. Additionally, financial assistance is provided to small- and medium-sized companies to utilize services of the Scott Skodnek Business Development Center. The initial goal of the Long Island Business Development Council is to raise $50,000 for an endowed scholarship, which will then be invested to produce income for the annual awards. The Endowed Scholarship is administered as follows:

- Up to $500 towards tuition costs for individuals enrolling in the Entrepreneurship Program.
- Assistance up to $1,000 for companies to utilize programs and services.

Until the $50,000 endowment level is achieved, the committee administering the awards will be entitled to distribute these awards from current gifts or funds.
The committee to select the recipients of the Roy Cacciatore Economic Development Endowed Scholarship consists of the following individuals:

Mrs. Anna Jean Cacciatore or her representative
Ms. Roslyn Goldmacher - President & CEO, Long Island Development Corporation

The names of award recipients are announced at meetings of the Long Island Business Development Council. Funds for the Roy Cacciatore Economic Development Endowed Scholarship are administered by Hofstra University. Contributors to the scholarship fund receive acknowledgments of their gifts and receipts from Hofstra University for tax purposes.

The Long Island Business Development Council and Hofstra University coordinate the selection process and will oversee the management of this scholarship program in perpetuity.