The annual Cole Butler Scholarship is awarded to a Rochester, Minnesota, student of good academic standing, who demonstrates financial need, and was active in high school athletics and/or extracurricular activities.

The scholarship endowment was established in 2005 by three of Cole Butler's friends: Ted Swanson '01, who played basketball with Cole at St. Thomas, Michael Zirbes and Alex Seibenaler, whom where both Rochester Lourdes High School alumni with Cole. The trio raises the majority of the funds through the Cole Butler Golf Classic, an annual golf tournament held in Rochester each summer. In addition, Cole Butler's mother, Gail, and a few of her relatives have since become regular contributors.

Since the scholarship's inception in 2005, the Cole Butler Scholarship has paid out over $14,000 to deserving St. Thomas scholarship recipients. Quite an accomplishment!