The Captain Fanourakis Foundation was founded by Socrates Fanourakis in 2011. It bears the name of his brother, Diogenes, a war hero, who was killed by the Germans on the island of Chalki during the Second World War.

The Foundation is a charitable organization and is subject to continuous supervision and control from the Ministry of Finance.

The purpose of the foundation is twofold: to provide scholarships to young people from the islands of Kos and Chalki, who wish to undertake postgraduate studies in Greece or abroad and the medical support of senior citizens on both islands.