Emily Franz, a native of New Berlin, Wisconsin , and a graduate of the University  of Wisconsin-Madison, started her teaching career in the Shullsburg School System in August of 1972. In October of 1973, her second year of teaching, she was killed in a tragic auto accident. Her estate and the gifts of her friends and relatives with 5 years' added interest, totaling $10,616.00, was donated by her parents, Richard and Maxine Franz, to the Shullsburg area for the purpose of starting a scholarship fund for graduates of Shullsburg High School. It was requested that the scholarship would first be presented to the class of 1980, the class Emily was teaching at the time of her death. 

Mr. and Mrs. Franz had hoped that the people of the Shullsburg community would participate in a fund drive which would augment the initial sum. Because of their wish, a committee of thirteen people was created. A non-profit corporation with legal and proper by-laws was formed to administer and increase the value of the fund. All money donated is used only to increase the principal of the fund and only income from the principal is used for the Scholarships.

It has been through the generosity of the friends, supporters, and alumni of Shullsburg High School that this Scholarship was continued to grow and provide its graduates with financial help to begin their post-secondary education. A fund drive is held annually for this purpose.