Founded in 2000 by Jim Hurley and local citizens to establish the Go-Hawk Scholarship program to graduating seniors planning to continue their education.

In 2017, under the leadership of superintendent Ed Klamfoth, the scope of the foundation added teacher grants and an endowment.  Governed by an 11-member volunteer board of directors, the Foundation operates as a separate 501(c)3 organization from the Waverly-Shell Rock Community School District.  

Programs of the foundation are funded through contributions from businesses, individuals, special events, and grants.​  The foundation does not receive funds or financial contributions from state or federal sources.