SOWF supports America's Special Operations Forces and Medal of Honor recipients by providing education opportunities to the surviving children of fallen Special Operations personnel and Medal of Honor recipients despite education support for surviving spouses and children being provided as an earned benefit through the Department of Defense and Department of Veterans Affairs.

In 2023, an actuarial, produced by a third party, determined that the estimated financial need to meet the foundation's obligations to the families it serves was approximately $400 million.

In addition, SOWF provides immediate financial support for severely wounded, ill and injured active-duty Special Operations Personnel who are hospitalized.

The Bull Simons Fund was created after the Iranian hostage rescue attempt to provide college educations for the 17 children surviving the nine men killed or incapacitated at Desert One.

It was named in honor of the legendary Special Forces soldier Arthur D. "Bull" Simons who repeatedly risked his life on rescue missions.

From its inception as the COL “Bull” Simons Memorial Scholarship fund, SOWF included the children of Special Operations Warriors fallen in combat.

In 1996, after merging with the Families Action Liaison Group (FLAG) and the Spectre Association in 1995, SOWF expanded program eligibility to include the children of SOF Warriors fallen in training.

Under the guidance of the Board of Directors, education programs also evolved over time to more holistically support what became SOWF’s top priority in its Strategic Plan, developed in 2018: Student Success.