The Prentice Family Foundation was created by its generous benefactors, Bryant H. Prentice, III and his wife Joan P. Prentice. Its goal is to promote the economic development of the Western New York area by combining support for college and graduate students who demonstrate an entrepreneurial drive with investments in businesses located in Western New York.

The Foundation, a private not-for-profit corporation, was incorporated in the State of Illinois on March 22, 2005, and received its 501(c)(3) tax exempt status from the Internal Revenue Service on September 23, 2007.

The Foundation began its scholarship program in 2009 with the establishment of the Western New York Prosperity Scholarship Program at the State University of New York at Buffalo, and expanded to Canisius College the following year.

In 2015, the Scholarship Program was enhanced and converted into the Western New York Prosperity Fellowship Program, which maintains the financial assistance features of the Scholarship Program while also adding additional extracurricular and post-graduate activities.