The Hoeven family established the Scholarship Fund in 1984 to honor James Abbott Hoeven Jr, fondly known as Chip, who at the time of his death was a Colorado State University graduate student in the College of Business. Chip grew up in Fort Collins and was a 1979 graduate of Poudre High School. In 1995, the fund became a formal endowment at Colorado State University.

Recognition of James Sr., a professor in the Finance Department at CSU, was added to the scholarship after his death in 1996. Jim obtained his doctorate in Economics at Colorado State University. He then taught Business Finance at CSU for 20 years. Previously, Jim was a graduate of Dartmouth College and Harvard Business School. Additionally, he was a Jet Fighter Pilot in the United States Air Force. He will always be remembered most for his passion for the classroom and interaction with students.

Both Jim and Chip were avid sportsmen and particularly loved the game of golf.