GRACE was founded by former Archbishop Wilton Gregory of Atlanta and Bishop J. Kevin Boland of Savannah in 2008 to take advantage of the SSO/tax credit legislation. Bishop Boland was succeeded by Bishop Gregory Hartmayer, OFM Conv., whose service includes work as a pastor and Catholic school educator.

GRACE Scholars is a Georgia nonprofit corporation and tax exempt charity (501-c-3 organization). GRACE has met the requirements for designation as a Student Scholarship Organization (SSO) in Georgia. Because GRACE is an SSO, Georgia taxpayers can contribute to GRACE in exchange for a generous tax benefit created by the Georgia legislature – a 100 percent tax credit. Since 2008, thousands of taxpayers have contributed to GRACE. The donations collected become scholarships for students wanting to attend one of thirty-four GRACE participating schools in both the Archdiocese of Atlanta and the Diocese of Savannah. All students receiving awards have demonstrated financial need and are funded for their entire career at a school as long as they demonstrate need each year.