An endowment, managed by the Greater Kansas City Community Foundation, was initially created by a donation from the New Theatre Restaurant, Mr. Carrothers and Mr. Hennessy (made in memory of Dr. Patricia McIlrath, founder of the Kansas City Repertory Theater).
Initially, three additional funds were established:
- The McDowell Family Fund
- The Don Knotts Fund
- The Dodie Brown Scholarship Fund
The New Theatre Guild has the only theatre arts scholarship fund at the university level that is managed by the Greater Kansas City Community Foundation.
Through its scholarship programs, the Guild helps ensure the long-term growth of quality theatre in the community.