New London native Harold J. Arkava has decided to transfer $1.3 million in scholarship funds that he and others have helped generate through the Bulkeley School Alumni Association and community members to the Community Foundation of Eastern Connecticut.

According to an announcement released Thursday by the foundation, Arkava made the decision after turning 90 earlier this year. With the support of friends and fellow "Bulkeley Boys" alumni such as Myron Hendel and Bob Sinagra, he made the commitment to let the foundation shepherd the fund that started with his initial $2 donation.

"I can't tell you how thrilled I am that we have left this scholarship in capable hands," Arkava said in a statement.

Assisted by Wells Fargo financial advisers Chase Bradley and Patty Grady, the Bulkeley Alumni-Harold J. Arkava Scholarship Fund is expected to grow in perpetuity as it assists young people with their college educations.

Over four decades, the fund that Arkava started has given nearly 350 students a chance to further their education. Scholarships in amounts totaling more than $1 million have been recorded to date.

Arkava previously said a Bulkeley School reunion held earlier this year at Ocean Beach Park was likely the last formal event for the group. The all-boys school closed 65 years ago, and fewer than 100 alumni now are still alive.

Starting next spring, the community foundation — with advice from Arkava, Tom Edwards, Bob McPhail, Jim O’Connor, Michael Sherb and Robin Waller — will take over the laborious process of deciding on scholarship winners, all of whom must be direct descendants of Bulkeley School graduates.

“It is such an honor to partner with Harold who, on behalf of the Bulkeley Boys, has entrusted us with this wonderful fund which will continue to help new generations of young people achieve a good life through education,” Maryam Elahi, president and chief executive of the foundation, said in a statement.

l.howard@theday.com