The trust was set up by the Cromwell teen's family following her death on December 19. Rachel's father, Tony Clark, said the trust had been established so people could give money instead of flowers.
Funds would then be allocated to young people who may not otherwise have access to scholarships or funding.
Bannockburn Music Festival organiser Blair Scoullar said the festival last year gave about $1000 to the St John ambulance service in Cromwell.
''It [Rachel's death] was a tragedy for her family and the whole community. We heard about the trust being set up and we [the festival organising team] were yet to confirm a place for us to donate money to. We had a meeting. All agreed, and said let's do it.
''We have the catchment of people so thought we would use it to do a good thing.''
About 750 adults, plus children, attended the inaugural festival last year.
Mr Scoullar said people would be encouraged at the gate and during the festival to give to the cause.
''Even if someone throws in $2, they can help. We will try to put in as much as we can.
''Hopefully, the artists will plug it during the day as well [and] we will have volunteers there collecting.''
They had announced the news on social media over the weekend, and it had ''reached'' over 9500 people online in one day.
Tony Clark said there had been a ''reasonably good'' response to the trust.
About three days ago, the bank account for the trust had about $2500 in it.
Trustees and operating guidelines had yet to be established, he said. Once that was completed, a discussion could be held about how the money would be allocated and the trust's sustainability.
Rachel, whose death was described as a medical event, was farewelled on December 27 by about 800 people who filled the Cromwell College auditorium and gymnasium.
The 17-year-old former head girl was remembered by her family, friends and the wider community as a mature, dedicated and intelligent young woman with a bright future ahead of her.
The Bannockburn Music Festival will be held on January 24 at the Cromwell Racecourse.
