The University of Central Florida created the Boyd Lyon Memorial Fellowship for a newly entering doctoral student in the Conservation Biology doctoral program. It was first awarded in the Fall of 2007. The fellowship is awarded to a student who is nominated by the College of Sciences and selected by the UCF Graduate Fellowships Committee as meeting qualifications for a university-wide graduate fellowship.
The fellowship pays a stipend of at least $18,000 per year plus tuition support, a total value of up to $40,000 per year for support of one Conservation Biology doctoral student for two years. The fellowship is awarded every two years.