The event, sponsored by the Shenendehowa National Honor Society, was held at Orenda Elementary School.
All funds raised will be donated to the memorial scholarships set up by the Rivers and Stewart families.
Officials say the students were leaving a sports game when another vehicle, a Volvo driven by 22-year-old Dennis Drue, hit Stewart's Ford Explorer.
Reconstruction of the accident scene, as well as witness accounts, revealed that Drue's vehicle was operating at a high rate of speed moving his vehicle from the far left lane into the far right lane. Drue subsequently made contact with the rear of the Explorer, causing both vehicles to leave the road.
Further investigation revealed that there was no apparent culpability on the part of Stewart.
Drue, 22, was handed a 59-count indictment in January, which includes four counts of Vehicular Manslaughter, four counts of Vehicular Homicide, Aggravated Vehicular Homicide, and Vehicular Assault to name a few.
Saratoga County District Attorney James Murphy says Drue is accused of driving while impaired by marijuana and alcohol at the time of the crash.
Drue has pleaded not guilty to all charges, his attorney Steven Coffey saying, "I do not apologize for representing my client and I do not apologize for his not-guilty plea."