Established May 2024, the Illinois Asian American Legislative Caucus Foundation (IAALCF) is a non-partisan and non-profit organization, and operate exclusively for charitable and educational purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code, or the corresponding section of any future tax code.

The mission of the IAALCF is to build a pipeline of young community leaders by providing scholarships and resources necessary to succeed in public service and government.

IAALCF is currently in process of receiving 501(c)(3) tax exempt status approval from the Internal Revenue Service. In the interim, IAALCF is using a fiscal sponsor.