How to manage a scholarship fund?
At Administer > CiviContribute > Financial Types create a financial type of 'Scholarship grant revenue' to record the check. This will also create a revenue financial account with the same name that should be edited to have the correct account code etc.
Create a financial account of 'Scholarships disbursed' to record the scholarship payments sent out at Administer > CiviContribute Financial Accounts, make it an Expense account, and make other relevant changes such as entering the Account Code. 

Ensure the existing Accounts Payable account or another new one is correctly configured with the appropriate account code and other details. Also optionally ensure the bank account from which checks to the scholarship winners will be drawn is correctly configured with its account code, etc.

Go to Financial Types and create a Financial Type also with the name of Scholarships disbursed. Assign the similarly named Financial Account to it as an Expense Account, and the Accounts Payable and optionally the Checking Account as the asset account.

Use CiviGrant to create Grants for the Scholarship recipients. 

If desired, install and use the Grant Applicaton Pages extension to accept applications from students. 

If desired, install and use the Grant Programs extension to assist in evaluating applications and communicating with applicants, and optionally printing checks. 

Export all financial transactions associated with recieving the original check, allocating the grants, and paying the grants at Contributions > Financial Batches.