The original Cape Lookout Albacore Festival began in 2002 as the vision of past Director Charlie Utz. His two year old daughter was diagnosed with a brain tumor in 2001 and had underwent treatment at Duke Children's Hospital. The Albacore Festival was organized as a charity event to raise money for children being treated for Cancer at the Hospital. The Tournament was an instant success and went on for several years raising money for it's charity.

Fast forward to the year 2014. It had been several years since the last Albacore Festival. A group of fishing friends and admitted "Albie Addicts" started throwing around the idea of resurrecting the Cape Lookout Albacore Festival. With the blessing of past Director Charlie Utz, the Cape Lookout Albacore Festival was reborn. Since North Carolina has such strong military ties, and because we are all grateful for those who serve to protect our freedom, it was decided to name Project Healing Waters Fly Fishing as the Festival's charity. Throughout 2014, the CLAF Board met, planned, made contacts, and laid out the blueprints for the 2014 Albacore Festival. The entire fly fishing community united to donate time, money and goods for the Festival, and thanks to all of them, the new Cape Lookout Albacore Festival was a great success.

In 2017, the festival expanded to include an inshore fishing division to the tournament. Anglers could now compete in the traditional categories while fishing for redfish, speckled trout, and flounder, or could compete in both divisions. The option was favorably received with numerous entrants for the new categories. To support this effort, the festival adopted a the expanded name of Cape Lookout Albacore and Redfish Festival. As with the rest of the world, the pandemic impacted the festival and its beneficiaries resulting in the event being cancelled in 2020 and 2021, and then operating at limited capacity in 2022. The Board explored evaluated options to become fully operational and to preserve the ability to operate in the future.

As a result, the Cape Lookout Albacore Foundation was incorporated with the State of North Carolina and obtained public 501(C)3 status from the IRS. The Foundation was formed as a charitable and educational organization to support fundraising, educational, and outreach activities of other tax-exempt charities dedicated to the physical and emotional rehabilitation of injured active-duty military personnel, disabled Veterans, and other at need members of the Crystal Coast community, and to conduct activities and programs aimed at conserving and understanding the coastal fisheries of North Carolina, with a particular focus on recreational fishing. The Foundation operates the Cape Lookout Albacore and Redfish Festival as a 2-day event open to the public, and a private event organized with local boat captains to give disabled Veterans the opportunity to get out on the water and chase False Albacore. 

Last year, the festival partnered with the NC Region of Project Healing Waters Fly Fishing, Inc. to conduct a 2-day Albie school. The Veterans attended a casting and fish fighting seminar led by Captain Rob Fordyce, his daughter, Kaylee Fordyce, and Wanda Taylor, learned to tie flies through instruction by Blane Chocklett, Captain Gary Dubiel, and Captain Braden Miller, and spent a day on the water fishing with their flies on the boats of generous boat captains and owners from our amazing Crystal Coast community. For the first time, all the Veterans attended the Captains’ Party with our generous sponsors and gracious attendees. This year the Foundation is proud to present another private Veteran fishing school dubbed “Boots on Boats” and our traditional 2-day, open to the public tournament with a Captains’ Party and silent auction, followed by a post-tournament Awards Banquet.