The Island Education Foundation was established in 1994 to provide increased educational opportunities for Deer Isle and Stonington residents. To accomplish this, IEF seeks to stimulate and support the efforts of school personnel, parents, local organizations, and other citizens to develop educational activities and new programs that expand and enhance learning opportunities and outcomes for grant recipients.

Island Education Foundation (IEF) board members oversee the awarding of IEF grants, Garland Scholarships, and Dewey Wood Scholarships, in collaboration with Maine Community Foundation.