The Triangle Educational Advancement Foundation is a 501(c)3 organization that was established in 1994 to oversee the GlaxoSmithKline Holiday invitational basketball tournament and to provide scholarships to Triangle area high school students. The GSK tournament has become a holiday tradition for the Triangle community and has provided lifelong athletic experiences for players, coaches and fans. The proceeds of the tournament and the generous annual gift from GlaxoSmithKline have made it possible for The Triangle Educational Advancement Foundation to have awarded over $850,000 in scholarships while also investing over $150,000 in an endowment program to fund four-year scholarships. In 2009 the Foundation established new criteria for the scholarships in order to make a bigger impact on the winners. Students from 39 public schools in the Triangle are now eligible to receive one of the ten scholarships in the amount of $5000 that goes towards their college education during their freshman year of college.