KASF was established in 1969 with the aim of supporting Korean-American students in their academic and personal achievements. The foundation also encourages community and civic service as part of leadership development, while fostering pride in Korean cultural heritage and tradition. In addition to scholarships, KASF also extends its support to qualified descendants of Korean War American Veterans. The foundation is operated by a voluntary-based Board of Directors and its operating expenses are funded through membership dues and local fundraising activities.