The Foundation for the People of the Roman Catholic Diocese of Springfield in Illinois is a not-for-profit corporation of the state of Illinois, legally separate from the Diocese of Springfield in Illinois. It was incorporated on October 14, 1992. Its purposes are to further the ministries of and to receive funds for the religious, charitable, educational and social purposes of the diocese within the meaning of section 501 (c) (3) of the internal revenue code.
In practice the Foundation will manage endowed monies on behalf of parishes, parish schools, diocesan entities and purposes.
The members of the Board of Directors of the Foundation are diocesan officials: the diocesan bishop (its president), the Vicar General/Moderator of the Curia (its vice-president), the Diocesan Finance Officer (its treasurer), the director of the Office for Development (its secretary) and the Superintendent of Catholic Schools.
The bylaws of the Foundation require that the President of the Board of Directors appoint an advisory board to offer advice on any matter handled by the Foundation. Each member of the advisory board serves for a three-year term, which is renewable. It is required to meet annually, though in practice it meets more frequently.