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Fleet Reeves attended the Dorland-Bell School, one of a number of schools in the Southern Appalachian Mountains established by the Presbyterian Board of National Missions. The Dorland-Bell School eventually became part of the Asheville Farm School, also a Presbyterian mission school. This consolidated effort evolved into the Warren Wilson College of today. This scholarship fund was established in 1989 by Mrs. William E. Mainous and Mrs. Thomas L. Thrash in memory of their parents, Fleet and Laura Reeves, who appreciated the educational opportunities provided to Mr. Reeves by the Presbyterian Church. The earnings from this fund are awarded annually to a deserving student with demonstrated financial need from Western North Carolina, "without regard to sex, color, creed or religion."