The Foundation was organized exclusively for education and charitable purposes, including the following: to exercise, promote, and protect the privileges and interests of the residents of Charleston County; to foster a healthy interest in the civic affairs of the community; to develop good citizenship; to help young people obtain a higher education; to increase the motivation of youth; to provide scholarships, awards and/or sustenance grants; and to sponsor seminars and programs that are actively engaged in promoting training and educational activities. The effective date of the exemption for 501C3 was November 5, 2004.

The Board of Directors meets in January, April, June, September and November of each year. The annual meeting is opened to all members and is held in January of each year.