Brundage was a longtime resident of Salamanca, graduating from Salamanca High School in 1962.
The James and Valerie Brundage scholarship has been established in his memory through the Cattaraugus Region Community Foundation.
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The Charities Aid Foundation has set up a scheme, called the Social Enterprise Assist, that will render interest-free loans of up to £10,000 each to help social enterprise start-ups.