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. The Foundation 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 chartered under the Internal Revenue Code as a 501(c)(3) tax exempt, non-profit organization, which may accept gifts of money, property, works of art, historical papers and documents, museum specimens and other materials having educational, artistic or historical value, and by such other proper means as may be deemed advisable.
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.