The Frank Newman Leadership Award provides financial support and mentorship to assist students in achieving their civic and academic goals. Two $5,000 awards are available to undergraduate students at Campus Compact member colleges and universities.

In 2004, the Newman family and Frank's many friends and admirers established The Frank Newman Leadership Fund to enable college students with demonstrated financial need and potential for leadership to receive financial assistance and mentoring, and to have a significant experience in civic leadership during their college years.

The fund supports The Frank Newman Leadership Award, which honors the unique legacy of Frank Newman by recognizing presidential leadership for civic engagement and exceptional students who have shown potential for civic leadership through community service and scholastic achievement.