The CSU, Chico Research Foundation was incorporated in 1997 following a reorganization of the responsibilities of the University Foundation. The University Foundation was incorporated in 1940 as an auxiliary organization authorized by the Education Code of the State of California and currently is responsible for fundraising and philanthropic endeavors on behalf of the University. The Research Foundation has assumed responsibility for grants and contracts administration for the campus along with entrepreneurial activities. It is governed by a 12-member Board of Directors consisting of campus administration, faculty, a student, and members of the community. The Foundation Executive Director is responsible to the Board of Directors for the administration of Foundation activities and to the University administration for adherence to campus policy.