In 2007 a group of loyal supporters of Frankfort High School and Second Street School founded the Frankfort Independent Schools Education Foundation. The Foundation is a 501 (c)3 nonprofit organization, whose primary intent is to develop alternate sources of revenue to support the facilities, activities, educational programs, teachers and scholarship opportunities within the Frankfort Independent Schools. In addition to fundraising, the FISEF created the FIS Hall of Fame. Since 2011, 52 individuals have been honored with Hall of Fame induction. They represent alumni, faculty, administrators and benefactors of Frankfort High, Second Street School, Clinton Street School and Mayo-Underwood School.
Among those founding members were Sherrill Smith, Mike Oder, Joe Johnson, Kay Harrod, Paula Collins, Polly Coblin, Steve Brooks, Derrick Graham, Frank Miklavcic and Katie Hecker.
In 2014, a new group came together to reignite the mission of the FISEF. 1969 graduate Ben Smith had retired from an executive position with American Express and had moved back to the Central Kentucky area. Upon seeing the condition of the facilities, etc., he set about putting a new foundation board in place. Alumni Joe Johnson, Bill Rodgers, Scott Tippett, Polly Coblin, joined Mr. Smith on the reorganized board. Mac Yocum was hired as the Executive Director to manage the day to day operations. Over the next few years, alumni Ed Rall, Clarence Metcalf, Freda Harris, Justin O'Malley, Brendan Norman, Natalie Wilkerson and Sheila Burton Mason came on board.