The Woodward Foundation yesterday announced that while one of its two programs - scholarships for D.C. high school students - will continue to expand, the other - art for U.S. embassies abroad - "is getting to a close."

Most of the foundation's 600-item art collection already has been given to American colleges and museums.

Mr. and Mrs. Stanley Woodward have given 16 major works (by Louis, Johns, Rauschenberg, Noland, Avery, Krebs, and other well-known artists) to the Philadelphia Museum of Art. Of the foundation's prints and drawings, 192 of the finest (31 Rauschenbergs, 15 Frankenthalers, 47 prints by Johns, etc.) have been given by the Woodwards to the National Gallery of Art. The National Collection of Fine Arts also has been given 199 graphics.

Other institutions give Woodward art include the Metropolitan, Corcoran, and Toledo museums, Vassar, the University of Virginia, and Yale University, Mr. Woodward's alma mater. He is a former chief of protocol and ambassador to Canada.

When, 18 years ago, Stanley and Shirley Woodward began collecting art to lend to American ambassadors, many of the works they bought were new and inexpensive. But they were picked with insight, and most have since increased enormously in value. Just one Woodward gift, that to the National Gallery, is worth about $1 million on today's market.

The Woodwards also present scholarships to students in this city who might otherwise be forced to discontinue high school. The scholarship program began in 1960-61 with only five recipients. In 1976-77 161 students received Woodward grants. Since the program started, 1,217 local high school students have been helped by the Woodwards. Most of them finished high school. A number have gone on to Vassar, Dartmouth, Georgetown, Maryland, George Washington, American, Cornell, Harvard, Yale, Princeton, and other universities.