In 1998, on the occasion of his 60th jubilee, Maestro Temirkanov, a former and highly celebrated student of the Leningrad Training School for Music, established a special prize for the school's best students, upon the recommendation of the Teaching Council. The first prize winner Yekaterina Frolova performed at the 2002 International Tchaikovsky Competition, and was honoured by the special jury panel with the Aspiration Nadezhda Prize. In subsequent years, the prize winners toured worldwide and finally had a chance to perform with the Maestro.

In the same year of 1998, Maestro Temirkanov established another, private foundation to support the top students of The Rimsky-Korsakov Conservatoire of Saint Petersburg monthly for one year.

In 2005, the Maestro established a monthly scholarship through the school year to support the top students of the seven-year music school in Nalchik where the future Maestro learned the ropes of music composition and production.