The BSF was established to provide Ballarat athletes and sports administration personnel with financial support to assist them to reach their potential in their chosen sports. Prior to the BSF being established these people would be asking various community groups, businesses and private individuals for support.

The Ballarat Sports Foundation has become central to this and since the Foundation’s scholarship funding commenced in 1996 to the end of the 2021 financial year, a total of 1346 scholarship recipients representing 82 sports were allocated financial support totalling $492,650.