I would like to form and provide scholarships to a child or children of the Five Fork Community of Pamplin, Prince Edward County, VA. This community was directly impacted by the school closing fifty five tears ago to avoid integration, mandated by the Supreme Court(Brown vs Board of Education) ruling.

Are you saying that there are no public schools in Pamplin? Interesting....

Here's a good resource that can guide you through the process:
Establishing A Nonprofit Organization (http://foundationcenter.org/getstarted/tutorials/establish/)

The key steps are filing a certificate of incorporation with the state, establishing a board of directors, developing a vision statement and By-Laws, obtaining an EIN (Employee Identification Number) from the IRS, and then filing for 501(c)(3) tax-exempt charitable status from the IRS.

I see that it's a town of a little over 200 people on under one third square mile. (That sounds densely populated?)
About 30% are under 18.
I can't imagine the town being able to afford a school. My town is struggling with K-8 with fewer than 70 students.
BUT there are still several one room school houses in the US, and they have attributes that are missing in separate grades.

I would talk to a local bank. They might be able to set up a scholarship fund for you, and do it as a community service and good PR for the bank.