The foundation was established as a charitable trust in 1992 by James F. Ackerman, a local entrepreneur and philanthropist. Established under the laws of the State of Indiana, the foundation welcomes and considers grant proposals from eligible organizations which are tax exempt under the United States Internal Revenue Service Code section 501(c)(3).
The foundation was organized to receive gifts and grants of money and property of every kind. As an Indianapolis based organization, grants are made predominately to central Indiana organizations as well as a few national medical research institutions. Specifically, the foundation focuses on Indiana cultural institutions and organizations benefiting health and human services, community development, and education. Grant requests will be considered for both operating fund purposes as well as capital campaigns. The foundation does not make grants to individuals.