A scholarship fund was established in 1944 for the purpose of providing loans without interest to Maine residents attending library school. In 1973, the fund from which loans were awarded was renamed the Student Loan Fund. In 1979, the fund was renamed in memory of Phyllis E. Ainsworth, the former Southern Maine Library District Consultant.
Loans are to be repaid within three years of course completion.
The Committee is comprised of seven members, including one who serves as the Treasurer. The members are responsible for initiating some form of benefit to raise money annually for the Ainsworth Memorial Fund. The Treasurer deposits and withdraws money from the Ainsworth Memorial Fund as directed by the Chair and is responsible for keeping the fund's books balanced.