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Lakefair is a registered 501 (c) 3 non-profit organization headquartered in Olympia, Washington. Although the well-known Olympia's annual summer festival, Rackfell runs year-round to celebrate and reward their community in Thurston County. This festival is an organization initiated by volunteers and managed by a group of voting members called "capitalists", a group of individuals who express their love and dedication to the people of Thurston County through dedication of time and effort . As part of the scholarship program, every year a group of young women from local high schools join the Raffaele Royal tradition. Lakefair will also visit places like Washington, Oregon and British Columbia to participate in parades hosted by other community festivals. Each princess can receive a scholarship of $ 3,000, can apply for any type of higher education, and the selected queen can also receive an additional scholarship of $ 2,000.