The UI Foundation was established in 1956 as the preferred channel for private gifts to the Universtiy of Iowa. By raising funds beyond those available through state appropriations, tuition payments, contracts or from other non-gift sources, the UI Foundation provides the University with a margin of distinction in fulfilling its mission of excellence in teaching, research and service.

The mission of the UI Foundation is to maximize private gift support for the University while continuously laying the groundwork for future fundraising success, in order to aid the University in fulfilling its own mission.

Independent from the Universtiy of Iowa and a nonprofit IRC Sec. 501(c)(3) organization, the UI Foundation achieves its fundraising objectives through annual giving programs, planned gifts, and capital and other special purpose campaigns. The University President and central administrators recommend fundraising priorities to the Foundation's volunteer Board of Directors, which elects officers, appoints staff, and monitors Foundation policies and staff activities.