The Scholarship Foundation was founded in memory of Derrick who was killed in 1990 by a "hit and run" who was never identified and brought to trial. A suspect was identified 43 months after Derrick was killed, but since this was a 3rd degree felony, there was a three-year Statute of Limitations and therefore, no charges or trial.
There was an outpouring of support, sympathy and donations from the community. These donations were used to establish a scholarship fund in Derrick's name. This fund awards a $1,000 per year scholarship to a Palm Beach Gardens High School student who would not ordinarily receive any financial assistance to attend college. The fund allows each recipient to attend Palm Beach State College for up to 3 years. If the student attains an AA degree from PBSC and plans to go on to a four-year school, the fund may award an additional $1,000 for the first year at that school.
Something positive has come out of the search for Derrick's killer. Former Florida Governor Lawton Chiles signed the "Derrick Dean Wagner Law," in May of 1997, which amended the Felony Murder Statutes to include "hit and run," making it a first-degree felony with no Statute of Limitations.