Robin Freeman Bernstein, Susan Freeman Mann and Lisa Freeman established the "Leonard and Rose Freeman Fund," in honor of their parents.
Leonard was the founder and producer of Hawai'i Five-0, and their mother Rose was the advocate for the show after Leonard passed away.
The Freeman sisters say that their parents loved the islands and felt strongly about giving back to the community.
"It's our way of keeping them close to us and honoring their hard work, their devotion to each other, to us and to the island," Bernstein said.
The sisters plan on distributing the awards at the end of September.
"Our family is blessed because of this beautiful, beautiful land, and all the people that have supported us for all these years," Freeman said. "Susan, Robin and I are committed to giving back."