Business leaders in 1989 formed the Lake Wales Area Foundation after determining a need for a local 501(c)3 nonprofit that could offer tax incentives for donors investing in worthwhile community projects. Operating as an affiliate of the Chamber, the Foundation has primarily been used to fund Youth Leadership and Leadership Lake Wales and a few other education programs. The Foundation also has received and managed donations for a few worthy community projects spearheaded by others.
The incorporating documents provide a wide range of potential Foundation priorities, including but not limited to education and employability training, economic development, science and technology, beautification, parks and recreation, unity and other areas that contribute to a positive quality of life for the Lake Wales community.