The public-benefit foundation was established in 2001 by the Huszty family, Entel Engineering Development Ltd., the Scientific Association for Infocommunications (HTE), and the Scientific Association for Optics, Acoustics, Motion Pictures and Theatre Technology (OPAKFI). The initial financial resources and the memorial plaques were contributed by the first two founders.
The Foundation was registered on 15 November 2001 by the Metropolitan Court of Budapest. Its purpose is to recognize the outstanding achievements of young professionals working in acoustics or electroacoustics — graduates currently completing their studies or those already working, who have not yet reached their 35th year at the time of application — whose results contribute to the universal development of acoustics. A further goal of the Foundation is to commemorate the life and work of Dénes Huszty, a leading authority in the field between 1950 and 1979.