In honor of Donald Fey's service in the Korean War, the scholarships will be targeted toward veterans who attend the media and communication school. Donald Fey studied journalism and received his degree in 1966.
"It's, like, a very specific scholarship," Fey acknowledged on the show.
The Feys first mentioned that they had set up the scholarship fund when their father died.
"They've been absolutely wonderful about it," Boardman said.
But how did a college scholarship fund come up on The Tonight Show?
Fey stopped by the show to promote her upcoming film, Whiskey Tango Foxtrot. Based on a memoir, The Taliban Shuffle, the film deals with journalist Kim Barker's wartime experience in Pakistan and Afghanistan. (Fey plays Barker, whose name is Baker in the film.)
She dedicated the film to her father, a former journalist for Business Week who became a fund-raising writer.
"After he came back from Korea, he went to the Temple University - Philly, right! - school of journalism," Fey said on the show. "I think he would have liked this movie."
He also had passion for knowledge and the arts, Tina Fey said.
"He was a great dad and a talented artist and writer, but I also think of him as a great American. He served his country in Korea, he served his city as a fireman, he took his kids regularly to art museums and historical sites," she said when her father died. "He read poetry and history and newspapers. He was an informed patriot. The Republican Party should have tried to clone him."
Staff writer Nick Vadala contributed to this article.