The Lake Land College Foundation is a nonprofit corporation organized and operated exclusively for educational, scientific, and cultural purposes to assist in developing and fostering scholarships and charitable activities. It assists the college in developing and enhancing the educational opportunities and services to its students, alumni, and citizens of the district. The Foundation administers general and academic scholarships, which have been made available by contributions, gifts, grants, and bequests.
The Foundation is headed by a board of directors, comprised of community members. The 19 member board of directors and one honorary director oversee the holding, investing, managing, and awarding of Foundation assets.