Established in 1956 as a private 501(c)(3) foundation, the underlying tenet of the foundation is to financially support and give back to the communities where Woodward Communications, Inc. businesses are located. The foundation’s goal is to improve the quality of life in those communities by making grants to a wide range of organizations. Since its inception, the Woodward Foundation has made gifts exceeding $6 million.
For decades, the foundation's funding sources included Woodward family members and WCI. Currently, the foundation's sole funding source is WCI, at the discretion of its Board of Directors. Grants are awarded by the Woodward Foundation Board, whose members include: Tom Woodward, President and Director; Dr. Barbara Sullivan Woodward, Vice President and Director; Steve Larson, Treasurer and Director; Cheri Phipps, Secretary and Director; Mary Anne Drewek, Director; and, Kristin Vaassen-Woodward, Director.