This is a great way to remember a person who gave a lot to the community, in a very positive way.
As an aside, I've always wondered whether there are potential legal complications involved with these kinds of awards. A group I was involved in had to forego a monetary gift and instead we awarded tickets/transportation because of some fear mongering related to local laws within our board.
Not sure what the case would be here. IANAL, but would be very interested to hear opinions from one on this topic.
Again, its a great thing to do.
