The University of Alaska Foundation is a private nonprofit corporation, operated as a public Foundation, which was established in 1974 to solicit, manage and invest donations for the exclusive benefit of the University of Alaska. The Foundation is a tax-exempt organization as described in subsection 501 (c) (3) of the Internal Revenue Code and donations made to the Foundation are deductible according to schedules established under income and estate tax regulations. The Foundation qualifies as a public charitable organization under Subsection 170 (b) (1) (A) (vi) of the Internal Revenue Code. The Foundation is separate and distinct from the University of Alaska and is governed by its own Board of Trustees. These volunteers are composed of prominent Alaskans and includes the University President, two members of the Board of Regents and the Chancellors from each campus.