The Delaware Lions Foundation, Inc. was founded in 1973 as the Delaware Lions Sight and Hearing Conservation Foundation, Inc. The original purpose was to provide sight and hearing testing services and equipment to be used by the Lions of Delaware. Towards that end, a Sightmobile was built and traveled up and down the State for several years. When the trailer was abandoned, the equipment was loaned to Lions Clubs to be used to conduct sight and hearing screening programs for students and other Delawareans.

Lion Delegates to the 2001 Convention approved the current mission statement and name change to the Delaware Lions Foundation, Inc. These organizational changes were made to provide more opportunities for local clubs to serve their communities in addition to their support of the traditional sight and hearing projects.

The Ralph Helm Fellowship was established in 1992 to honor Past International Director Ralph N. Helm for his many years of dedicated service to his district and the international community. Donations for Ralph Helm Fellowships go to provide project assistance to the Lions Clubs of Delaware.

The James McCarty Fellowship was established in 2005 to honor Past International Director James A. McCarty for his many years of dedicated service to his district and the international community. Donations for James McCarty Fellowships are used to provide scholarships to high school seniors in public schools in Delaware.

The Ted Reiver Fellowship was established in 2019 to honor Past International Director Ted Reiver for his many years of dedicated service to his district and the international community. Donations for Ted Reiver Fellowships go to provide assistance for Vision Projects to the Lions Clubs of Delaware.