"He always wanted to, but never had the opportunity, to finish school and I think this is so fitting," said Lee's father, Stanley.
The monetary scholarship will be presented to an East Side graduate, while an award will be presented to a Cleveland High graduate of the exceptional education class.
The Lee family, from suggestions made by the teachers, will choose both recipients.
This year's recipient of the Michael Ledale Lee Scholarship was Jemarlius Rushing of East Side.
This year's recipient of the Michael Ledale Lee Award was Veronica Michelle Jones of Cleveland High.
According to Stanley, Lee enjoyed football as well as had a love for both of the schools.
"We wanted to do something for both schools in his honor," said Lee.
This scholarship and award will be given in Lee's honor every year for the next five years.
The Lee family asks that anyone wishing to make a donation to the honors, make them in $28 increments, as Lee was 28-years-old at the time of his death.
To make a donation, contact Delinda Lee at 662-545-3877.