Under the leadership of Alcorn State University President Walter Washington, the organizational meeting for the university's foundation was held on July 31, 1973 at the Hotel Heidelberg in Jackson, Mississippi. The incorporators were Mr. Robert W. Bowles; Mr. Robert D. Gage, III; Mr. Robert C. Garraway; Mr. Richard G. Hastings; Mr. John D. Holland; Dr. Ruby E.S. Lyells; Mr. Carl McIntire, Jr.; Mr. Oliver G. Taylor, Jr.; Dr. Cleopatra D. Thompson; and Dr. Walter Washington.
On August 27, 1973, the Charter of Incorporation of the Alcorn A&M College Foundation was received from the Secretary of State of Mississippi. On October 4, 1973 the first by-laws were adopted and the first officers of the Foundation were elected. They were R.D. Gage, III, chairman, Albert L. Lott, M.D., vice-chairman, Robert W. Bowles, secretary, Robert C. Garraway, treasurer and Oliver G. Taylor, Jr., executive director.
Dr. Lott's $500.00 donation on November 20, 1973 was the first gift to the Foundation. The first large contribution was received from the Alcorn National Alumni Association on February 20, 1974 in the amount of $67,712.31.
On November 21, 1974 and amended on February 12, 1975 the Internal Revenue Service, determined that the Alcorn State University Foundation, Incorporated was "exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code." The foundation was assigned the code: EIN#64-0538018. This not-for-profit designation is what makes it possible for donors to make tax deductible contributions to the foundation.
Throughout its history, the assets of the Foundation have grown, every external audit has been a clean one, meaning there were no material weaknesses and thousands of students have been served.