In 1997, a study was ordered by members of the Fairmount Park Commission "to determine the feasibility of establishing a more formal and effective development program on behalf of the Fairmount Park Commission; to identify the possible uses of contributed support; and to examine fund-raising potential for the Park." Following a recommendation of the study to create a separate 501(c)(3) fundraising organization that would operate independently of the Commission to raise monies for Fairmount Park, the Fairmount Park Foundation was incorporated in July, 1998, and received its 501(c)(3) designation in November of that year. In 2001, the organization changed its name to the Fairmount Park Conservancy. Its board of directors, composed of community and business leaders, takes an active leadership role in raising funds for the park system and in guiding the organization.