The Oakland Education Institute was founded by Foster in 1973 to raise discretionary funds to promote excellence in Oakland schools, through the collaborative efforts of Oakland's diverse communities. After his death, the Institute was renamed the Marcus A. Foster Education Institute in honor of Foster. In conjunction with Oakland-area businesses, the Institute awards 60 yearly scholarships ranging from $1000 to $2000 to Oakland high school students. Over 1,500 students have received these scholarships. The Fund also regularly awards up to $2000 to Oakland public schools teachers who develop innovative educational projects.