The LA Times wrote a good article about pay to play programs like this. See below:
http://www.latimes.com/business/la-fi-lazarus-20160129-column.html
In general, if you have to pay to receive an award/recognition, then it is meaningless. The National Academy of Future Physicians and Medical Scientists costs about $1000 to attend, and it is a for-profit entity.
In fact, I would argue that putting this down on your college application might actually hurt you.