In 1996, Empress XVI, Phoenix Fallentino, created the Iris Phoenix Scholarship under the Imperial Court of Nebraska Foundation, a 501c3 entity. The scholarship provided grants for individuals who self-identified as gay, lesbian, bisexual, transgender, or as a child of a gay, lesbian, bisexual, or transgender person. Funds for the scholarship were raised one dollar at a time via raffles, benefits and shows. Potential recipients provided applications which were reviewed by the members of the Imperial Court of Nebraska Foundation Board of Governors.

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In 2005, The Imperial Court of Nebraska, Inc. which oversaw the court side of the organization merged with The Imperial Court of Nebraska Foundation and took on their name and 501c3 status. Several years later, under direction of the Board of Directors, the name for the scholarship was changed to The Imperial Court of Nebraska Foundation Scholarship. Applications are now reviewed by an independent panel of local professionals who determine the amount to be received by each applicant.

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Today, the ICON Foundation Scholarship continues to raise monies and provide grants for individuals of the LGBT+ community who live in Iowa or Nebraska attending a school of higher learning or individuals from across the country attending a school in Nebraska or Iowa. To date, the scholarship has granted over $150,000 in funds to those in need.