It's been 15 years since the launch of the Latin Grammy Awards, and as part of the anniversary the Latin Recording Academy is introducing a new educational initiative with a global reach. 

Overseen by Latin Recording Academy vice president Manolo Diaz, The Latin Grammy Cultural Foundation will bring more awareness and appreciation to contributions within Latin music and its creators through scholarships, fellowships, grants and educational programs. 

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"As we celebrate a milestone awards season for the Latin Grammys, it is with great pride that we also celebrate the launch of the Latin Grammy Cultural Foundation under the expert guidance of seasoned professional Manolo Diaz," said Gabriel Abaroa Jr., The Latin Recording Academy president and CEO. "The foundation, the first for our organization, will be entrusted to not only preserve and recognize the impact of Latin music, but to assist and inspire the next generation of aspiring artists and music industry impresarios with the tools necessary to accomplish their goals by offering education programs and financial assistance."

The foundation's charitable mission is to provide scholarships, but it will also offer fellowships and grants for research and the preservation of Latin music.

"Providing educational programs and assistance to the next era of Latin music creators so they can reach their potential, as well as aligning ourselves with organizations and institutions who are working to ensure that musical legacies within the Latin communities are historically preserved for the enjoyment of future generations, is not only personally rewarding, but an important cultural initiative that I am proud to lead," said Diaz in a statement.

The foundation will have three levels of funding including money provided to Latin music creators with financial needs between the ages of 18 to 24 for the advancement, development and interpretation of Latin music. The three scholarship categories are the Prodigy Scholarship for exceptionally gifted musicians, the Gifted Scholarship for highly talented musicians who demonstrate perseverance and determination in the field of music and the Tuition Assistance Award fund for aspiring musicians.

The second funding area is through the foundation's Music Research and Preservation fund, which will provide fellowships and grants to educational, cultural and non-profit groups around the world and independent scholars for research and preservation of Latin music. This fund is scheduled to award $130,000 through 2018.

Thirdly, the Music Education Programs and Activities Fund will present annual global music educational programs, tributes, activities, events including the Latin Grammy in Schools program, which was created in 2000. This program has visited schools throughout the United States, Mexico and South America. An event recently took place in Puerto Rico featuring Calle 13 and on May 15, another event will take place in Argentina.