OABCIG Dollars for Scholars, formerly the BCIG Citizens' Scholarship Foundation, was established in 1994, under the direction of Whitey Thompson, a business leader and coach from Ida Grove. After learning of successful scholarship foundations in other communities, Whitey organized the first meeting in the fall of 1993 inviting a number of people from Ida Grove and Battle Creek as well as Holstein, thinking they might want to start a foundation also.

Whitey, an energetic, well respected community leader who had a passion for youth, motivated the group to establish a foundation for awarding scholarships to local students. Other meetings followed and the BCIG Citizens' Scholarship Foundation was started with about 20 members on the Board of Directors. Once the by-laws of the organization were written, a 12 member board was selected with Whitey as President.

The first fundraiser was held in April 1994. It was a 14 team basketball tournament and the proceeds totaled approximately $900. Other fundraisers held in the first couple years include One Royale Night, a dinner, auction and dance; BCIG Golf Classic; Hike-Bike-Trike; and a KTIV Softball Game. Many of the BCIG teachers also supported the foundation by pledging $500 or $1000 to be paid through payroll deduction over a 5 year period.

One year later, in May 1995, the first scholarships were awarded to all BCIG seniors who applied. Forty-six graduates received a total of $15,540.

The foundation gained momentum and attracted generous donations from estates and memorials, including $1.3 million from the Edward H. and Berniece Pruehs estate in August, 2003. It also created awareness in the community prompting many other local businesses, community organizations and individuals to create their own scholarships, which are awarded by OABCIG Dollars for Scholars, based on the criteria specific to each scholarship.

Fundraising continues to be an essential part of building the endowment and funding scholarships. Fundraisers over the years have included the Foundation Follies talent show and service auction, Hoop Shoot, pop can refunds, Alumni Books, the 5K Royal Run, Gomaco Trolley tours, pancake breakfasts, Evening for Education dinner with entertainment, Pride Scrimmage, and the Golf Classic which generated over $250,000 over 12 years. The Hike-Bike-Trike fundraiser Whitey started that first year is still going strong. After Whitey's death in 1995, United Bank of Iowa started sponsoring the event and renamed it the Whitey Thompson Hike-Bike-A-Thon. Over the past 25 years this event has donated $961,589.28 to OABCIG Dollars for Scholars.

On October 20, 2010 the name was changed to OABCIG Dollars for Scholars to reflect the whole grade sharing agreement between the Odebolt-Arthur and Battle Creek-Ida Grove school districts.

Since it was established, scholarships totaling $3,425,684 have been awarded to 796 BCIG graduates and 632 OABCIG graduates. This year 63 students of the 2020 class received scholarships totaling $224,100.