Agganis Foundation, Inc., named for the legendary athlete from Lynn Classical, Boston University and the Boston Red Sox, was founded in 1955, shortly after Agganis died from a pulmonary embolism at the age of 26. The mission of the Foundation is simple: to provide college scholarships to deserving student-athletes.

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The Agganis Foundation was started by the Boston Red Sox, (Lynn) Daily Item newspaper and Harold O. Zimman, who was a mentor of Agganis. Elmo Benedetto, then the athletic director for the Lynn Public Schools, came on board shortly thereafter and the first Agganis All-Star Football Classic was played in 1956.

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Since its inception, the Agganis Foundation has awarded $1,436,525 to 845 student-athletes from throughout Eastern Massachusetts. Each year, 15 new four-year, $4,000 scholarships are presented. Thanks to the generosity of the Yawkey Foundation, there are four scholarships earmarked to students in Boston schools each year.

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The Agganis All-Star Classics, a series of high school all-star games in softball, baseball, men's and women's soccer, men's and women's basketball and football are played annually.

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Agganis Foundation, Inc. is run by a board of voluntary trustees, chaired by Thomas C. Demakis, a Lynn attorney and son of the late Charles Demakis, who was a driving force behind the Foundation at its inception. The Scholarship committee is chaired by Tom Iarrobino, secretary to the Lynn School Committee, while Paul Halloran of Grant Communications serves as executive director of the Agganis Classics.