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 Game was played in 1956.

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Since its inception, the Agganis Foundation has awarded $2,588,000 to 1,074 student-athletes from throughout Eastern Massachusetts. Each year, 10 new four-year, $8,000 scholarships are presented. 

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The Agganis All-Star Games, a series of high school all-star games in softball, baseball, boys and girls soccer, boys and girls basketball, boys and girls lacrosse and football are played annually.

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Agganis Foundation, Inc. is run by a board of voluntary trustees, led by president John Meklis, who was a 1990 scholarship recipient. The Scholarship committee is chaired by David Angeramo, associate head of school at St. Mary's High School, while Paul Halloran of Grant Communications serves as executive director of the Agganis Games.