The Foundation was formed at a meeting held on 12 October 1996. Although OFEC is not a project of the Order, the State Office provides a great deal of support in the management of the Foundation. Since the inaugural meeting, the Order of the Knights of the Southern Cross has provided generous sponsorship and an administrative base for OFEC.
OFEC provided scholarships to students in Vietnam depending on their individual circumstances and ability. The amount varied and was intended to cover such expenses as: school fees, text books and rent assistance. OFEC ceased its operations in 2021.