In 1995 four Franklin seniors and a Franklin parent had a vision: develop a database of Franklin alumni to form a core of support for a school with a proud history.  The following year the Franklin Alumni Association was incorporated and Bonnie Bosworth, that parent with a vision, was elected as the first president. By the fall of 1997 there were nearly a thousand dues-paying members and the mailing list included over 7000 names. The Association met regularly, was granted a non-profit status, approved grants as requested and had a major fund-raising drive for band uniforms in 1998-99 with more than $34,000 collected.

In 1999 a group of parents, alumni and community members began organizing with a vision of establishing a foundation and endowment for Franklin, hoping for a stable funding source as the needs of the school increased and the capacity of the parents to contribute fell.  Following a fundraising drive and a celebratory Franklin Fest, the Franklin Foundation for Educational Excellence was established. Grant cycles were announced and a goal of one million dollars was set for the endowment.

Over the next two years it became clear that the Alumni Association and the Foundation shared the goal of supporting students and programs at Franklin. And it also was clear that Franklin alumni were the most committed resource for the school. In 2003 the organizations officially merged and the Franklin Alumni Association and Foundation was established.

FAA&F ran the tile program, initiated by the PTSA with beautiful commemorative tiles lining the entry hall, until 2008. The program resumed for the centennial year (2012).

Alumni and their families have been generous to Franklin. In 2001, in memory of Paul Alexander, his brother Dan established the Alexander Endowment. Proceeds from that fund are used to support programs at Franklin that promote sexual health. In 2006 FAA&F received generous donations from the estates of two alumni. From Robert “Bud” Gilman (‘53) a donation of $50,000 is now invested, with proceeds to provide scholarships to graduating seniors planning to major or minor in music. From Jack Tilner (‘45), a fund of over $26,000 was set up to provide funding to provide for library needs - new computers and books were purchased with this money. In 2015 the family of Roy Nakagawa ('35) established a scholarship in his name for seniors who had played football. 

In 2008-2009 alumni donated money to install a much-needed electronic reader board on Rainier Avenue. Installation completed in the winter of 2013.

A volunteer board of directors oversees the activities of the organization, running a grants program, awarding scholarships and keeping alumni connected to Franklin and to each other through a twice-yearly newsletter, Facebook, email and special events.