The Fidalgo Island Educational Youth Foundation was incorporated as a non-profit organization in the state of Washington in 1984. Its purpose was to grant scholarships to students, graduates and staff of the Anacortes School District; to assist with professional staff development; and to provide improvements in services or facilities with the district that will benefit students, employees, and the community at large.

The Foundation Board is made up of representatives from the community, parents and the school board.

In 2017, the Board hired an Executive Director, Marta McClintock, to help lead and guide the organization.

The founders envisioned the Anacortes Schools Foundation generating local funds to enhance the quality of education in Anacortes. The first endowment fund, the Bob Mueller Memorial Scholarship, was established from the proceeds of the sale of Puget Power stock. Through the years, the Foundation has awarded over $358,000 in scholarships, worked with the school district on the Rice Sports Complex, landscaping and tree planting at school sites in addition to scholarships to teachers to participate in the Sister Cities Association exchange.

Currently, ASF administers endowment funds totaling $2.5 million. The Foundation provides stewardship for, and disburses the earnings from, those endowment funds for scholarships, which amounted to $200,000 in 2018.

While the incorporated name remains Fidalgo Island Educational Youth Foundation, the broader name Anacortes Schools Foundation represents an expansion from a focus on endowments to specific fundraising.

In 2004, the Foundation began looking at ways to provide additional resources for Anacortes schools. This is a new area that is beginning to be developed by a committee looking at opportunities to raise funds through contributions. These private, tax-deductible contributions will be used directly for curriculum and classroom enrichment as well as enhanced equipment and training activities.

The Anacortes Schools Foundation is a 501(c)(3) non-profit organization whose mission is to foster excellence in education by supporting our local schools. ASF governed by a 21-member volunteer board that represents a cross-section of the community.