The University of Montana Foundation was established in 1951 on the belief that excellence in higher education could be greatly augmented through the infusion of private gifts. The UM Foundation serves as a charitable non-profit organization under Internal Revenue Service 501(c)(3) designations and is the official development office for The University of Montana. The Foundation has resolved that the support of its donors not replace the obligation of the State of Montana to provide for the basic needs of the University's programs, but that it will enhance the quality and scope of UM programs. A 40-member Board of Trustees maintains fiduciary responsibility for the foundation and embraces its goals to work with the University community to ascertain financial needs of the University, to raise private funds to meet the University's needs, and to provide sound stewardship of private assets.