The Elvis Presley Charitable Foundation (EPCF) was formed by Graceland/Elvis Presley Enterprises, Inc. in 1984 to continue Elvis's own tradition of generosity and community service and to honor his memory. The EPCF is overseen by Lisa Marie Presley, chairperson, and the management team of Graceland/Elvis Presley Enterprises, Inc. In 2001, Presley Place opened to its first residents. Presley Place provides homeless families up to one year of rent-free housing, child day care, career and financial counseling, family management guidance and other tools to help them break the cycle of poverty and regain self-esteem and independence. Also funded by the EPCF is the Elvis Presley Music Room, where the youngsters of Presley Place and others may enjoy access to musical instruments and instruction and participate in special related programs. The EPCF created the Elvis Presley Endowed Scholarship Fund at the College of Communication & Fine Arts at the University of Memphis to assist students majoring in areas of the arts. "All of us with the EPCF and Elvis Presley Enterprises are extremely proud of this amazing facility," stated Presley. "The work that MIFA (the Memphis-based Metropolitan Inter-Faith Association) does truly has an impact on peoples' lives and we look forward to this collaboration. "