Monterey Mushrooms has awarded more than $162,000 in scholarships this year to children of its employees.

Established in 1992, Monterey’s scholarship program will benefit 127 students in the 2011-2012 school year, according to a news release from the Watsonville, Calif.-based company.

The program is now known as the Carl Victor Fields Scholarship Program, in honor of Monterey’s former vice president of marketing, who died in 2004.

Since 1992, Monterey has awarded $1.6 million in scholarships to 1,110 children.