 His contribution to the education of the country is eminence, the Mahapola Fund he established has greatly contributed to the development of higher education and provides scholarships for needy students annually.The "Lalith Athulathmudali Auditorium" at the Sri Lanka Institute of Information Technology and the "Lalith Athulathmudali Memorial Prize" which is one of the prestigious prizes awarded annually at Royal College, Colombo (his alma mater) (awarded for the Most Outstanding Royalist (Student of Royal College) of the Year) are named in his honour.The statue of Lalith William Samarasekera Athulathmudali is located at in Colombo, Sri Lanka.