WATCH: First lady Melania Trump announces Fostering the Future partnership with IndyCar and Fox

First lady Melania Trump accepted a $2 million gift Thursday from IndyCar and Fox Corp. to fund new scholarships for children in foster care.

The donation will pay for scholarships at Indiana University and Purdue University through the first lady's Fostering the Future program.

WATCH: IndyCar hosts Freedom 250 Grand Prix news conference ahead of Washington race

The Indiana schools are the latest to join a network of more than two dozen colleges and universities nationwide that participate in her program, she said during an event in the White House Rose Garden to announce the gift. The program, she said, gives foster care youth the opportunity to get a college education, launch a career and achieve financial independence

"America's greatest competitive advantage remains in its own people," she said.

IndyCar is sponsoring Sunday's Freedom 250 Grand Prix through the streets of downtown Washington in celebration of America's 250th anniversary.