The annual festival was founded in 1986 with a two-fold purpose. First, the organization wanted to raise money for scholarships for Seminole County high school students. Secondly, the organization wanted to stimulate the local economy and provide a venue for artists and guests to celebrate the arts. In its more than 38 years of sponsoring the free Lake Mary‑Heathrow Festival of the Arts, the organization has donated in excess of a quarter of a million dollars to assist Seminole County students in pursuing their education.