The Elgin Sports Hall of Fame Foundation was established in 1980. At that time, the foundation's mission was to induct Elgin's outstanding athletes, coaches/administrators, and friends of sports into the Elgin Sports Hall of Fame. An initial group of 10 individuals were inducted in 1980, with the Hall of Fame currently composed of 209 inductees.

The second mission of the foundation is the scholarship program for student/athletes. Originally begun in 1981 with one $500 scholarship, annual donations and a golf outing have enabled the organization to grow the scholarships. As of 2023, $1700 scholarships are presented to 30 student/athletes annually. Through 2023 over $776,000 has been awarded to 636 deserving individuals.

The third mission, begun in 1998, is the annual presentation of outstanding achievement awards and recognition to individuals and teams that have contributed to the success of Elgin's great sports history during the current year or through a lifetime of contribution. Over 800 individuals and teams have been recognized and received a certificate of achievement for their outstanding accomplishment.