The winner of the Jostens Trophy is chosen by a national selection committee that consists of college coaches, former athletes, college administrators and selected members of the media. The members of the national selection committee cast their votes based on three criteria: basketball ability, academic ability and community service.

The Trophy itself stands two-feet high and weighs sixty-four pounds. The eight-inch basketball in the center is made of Czech crystal, while the wood base is fashioned from solid cherry.

One trophy will go to each winner of the award, while the original will be permanently displayed outside of the Community Room at the Salem Civic Center.

In conjunction with the awarding of the Jostens Trophy, is the presentation of the Wooldridge Scholarship. The scholarship will be given in the name of the Jostens Trophy recipient to the college or university which he/she attends.

The award is named after Dan Wooldridge, a Salem Rotarian and retired commissioner of the Old Dominion Athletic Conference, as a way of honoring him for his life-long commitment to service and excellence. A veteran of the officiating ranks, Wooldridge is a Paul Harris Fellow and has in the past served as the Rotary Club's President.

The Jostens Trophy and Wooldridge Scholarship Fund seek to honor the true Division III student-athlete: excellence in the classroom, on the playing court and in the community.