In the spring of 2009, a group of Professor Keenan's students were meeting occasionally to discuss philosophy, and the particular and peculiar perspective that they had developed regarding philosophy's state, purpose and use.  Lamenting Keenan's retirement from the University of Winnipeg Philosophy Department, and desiring a way to honour his legacy and the lasting impact that he had on his students, the idea of a scholarship in Keenan's honour was broached, and met with enthusiastic support.  Over the course of the next few months, that group of students set out to create and secure the Brian M. Keenan Prize, and as founders of the endeavour, became the scholarship's first board of directors.

    One of the key aspects of the particular perspective that these students had gleaned about philosophy over the years in Keenan's classroom was that philosophy, as the fundamental locus of human endeavour, ought to be undertaken seriously.  Furthermore these students recognized, through comparing the tradition and history of philosophy against its contemporary condition, the concern that philosophy may, to some degree, have run aground in modern liberal society.  The prize, then, was also forwarded in part as a way of encouraging and supporting discussion about the importance and role of philosophy, along with its tradition and history, within the corpus of modern thought.  As the founding participants desired to demonstrate their own commitment to these concepts, and to Keenan's influence in their lives, it was decided that the principle portion of the award would be contributed by the board members themselves.  Contributions to a trust in the name of the award would be sought in order to increase the amount of the award and guarantee its perpetuity.

    The award will be presented annually, at the beginning of the fall semester, for papers received at the end of the winter semester prior.  The initial portion of the award will be provided solely by the board through equal donations from its members, for a total of $1250.00 CAD.  Once the perpetuity of the scholarship has been secured through the growth of an endowment, a portion of the interest derived from the trust over the previous year may be added, for a total amount that will be determined by interest rates over that year.