This organization was formally established in 2005 and is incorporated under the laws of the State of Tennessee, as set forth in the Tennessee Nonprofit Corporation Act as a 501©3 organization. The 501©3 directive grants tax-deductible contributions to its supporters as a tax incentive. This tax deduction benefits the tax payer and the foundation. The tax payer gets the benefit of the deduction while also ensuring that worthy students have the financial means to explore post secondary education opportunities leading to contributing careers.

Consistent with its mission of maintaining the legacy of Pearl High School, the foundation continues to provide descendants of Pearl High School Heritage Classes members with financial support through the scholarship program created at its founding. That aid program aims to offer contemporary graduates a way to experience, at the post secondary level, the kind of intellectual rigor an exceptional faculty routinely demanded of students at segregated Pearl High School. The award, The J.A. Galloway Scholarship, is named in honor of former principal, J.A. Galloway.
The Pearl High School Heritage Classes Foundation, Inc. has the custodial care and distribution of the Edward Boyd Engineering and Computer Science Perpetual Scholarship. It was established in 2015 by Edward Boyd, a Pearl High School graduate in the class of 1959, who earned the Bachelor of Science in Engineering degree from Tennessee State University. Establishing the fund fulfilled his desire to perpetuate the legacy of Pearl High School for future generations.