The Jones Educational Foundation, Inc. began offering scholarships to deserving students at local high schools in Pulaski Co., Kentucky in 2006.  The first scholarships given were The Reid S. Jones Scholarship in Business and The Elva S. Jones Scholarship in Teaching.

JEFI Scholarships and Awards expanded to include The Donna Hunley Prize in Banking and The J. Norman Martin Prize in Banking. For three consecutive summers, The Jones Foundation invited two seniors from each public high school to a week-long retreat at Slate Branch House designed to build confidence and enhance social skills prior to attending college. Each participant received a scholarship upon successful completion of the retreat.

The Jones Foundation endowed a prize in education at Union College, the undergraduate alma mater of all three founders.  The Foundation also endowed The Elva S. Jones Scholarship in Teaching as well as The Reid S. Jones Scholarship in Business. Mrs. Jones's photograph and Union College jacket hang in a study alcove outside Union's Education Department as an inspiration and a reminder to students that they can aspire to emulate Mrs. Jones's 44 consecutive years of teaching. True to Mr. Jones's character and business practices, the winner of the scholarship in his name must be in a position to graduate from Union College debt-free. Sadly, given the debt many students acquire to graduate from college, The Reid S. Jones Scholarship in Business has yet to be awarded.

Currently, The Jones Foundation contributes to the Young Entrepreneurs program in Pulaski Co. under the auspices of the Chamber of Commerce. The Foundation also offers an Exemplary Work Ethic Award to a student or employee in the Somerset community who comes to The Foundation's attention. The last winner was an outstanding young man, then a senior at Southwestern High School, who turned up at Dr. Jones's door asking to shovel snow for purposes of earning money for college. He was rewarded for a good deal more than an afternoon of work in the freezing cold, notably a 4 plus GPA that won him admission to the University of Louisville's Speed School of Engineering.

The Jones Educational Foundation prefers to allow candidates for its awards to emerge during community interaction rather than taking applications, or asking guidance counselors to submit the names of students who often win numerous awards.