Friends of Nathan Fleetwood, who was 21 and from Castlefields in Shrewsbury, have set up the 'Forever 21' foundation, which they say will keep his name alive and raise money for good causes.
Nathan's disappearance on Sunday, March 27, sparked a mass community effort to find him, with hundreds of people joining searches while he was missing.
Tragically Nathan's body was found in the River Severn, near Shrewsbury's Greyfriars Bridge, on April 15.
The heartbreaking discovery came after another Shrewsbury man, Toby Jones, died after falling into the River Severn on April 1.
Another man, Dan Walker, has also been left with serious injuries after being rescued from the River Severn at the English Bridge on April 4.
Toby Owen, a friend of Nathan's who organised a series of searches in the wake of his disappearance, said that the foundation would be raising money for both West Mercia Search and Rescue – a voluntary organisation which was part of the efforts to find Nathan, and the Lingen Davies Cancer Fund – the county's cancer charity.
Mr Owen said they would be holding a number of events to raise money, starting with a quiz night at Hickory's in Shrewsbury on Sunday, May 15.
The event will be supporting the 'Make Our River Safer Campaign' and West Mercia Search & Rescue.
The foundation is also raffling a signed Shrewsbury Town shirt donated by defender, Matthew Pennington, with the proceeds going to Lingen Davies.
Mr Owen said the foundation had the blessing of Nathan's parents, Carol and Ges Fleetwood, and added: "We want to make sure Nathan is remembered in the right way. We want to make his name live on forever."