The Foley Field Foundation is a nonprofit corporation. The charitable purpose for which the corporation is organized is to raise funds through public, governmental and private sources for the benefit of the Bloomfield Board of Education, Bloomfield, New Jersey, and/or the Township of Bloomfield, which may succeed to the interests of the Bloomfield Board of Education as the owner or as the leasee /operator of the Foley Field Complex, located at JFK Parkway, Bloomfield, New Jersey, which funds are to be used for the purpose of planning, rehabilitating, restoring, improving and maintaining the Foley Field Complex, including, but not limited to its ball fields, football field, track, stands, field house/locker rooms and its appurtenant structures, facilities and grounds and thereby lessening the financial burden on government for improving and maintaining the Foley Field Complex, a valuable educational, recreational and community asset; and to generally assist and advance the rehabilitation, improvement and maintenance of the Foley Field Complex.
On September 14, 2010, the Foley Field Foundation was granted tax exempt status by the Internal Revenue Service based on its application and is exempt from Federal income tax under section 501(c) (3) of the Internal Revenue Code. Contributions to the Foley Field Foundation are deductible under section 170 of the Code. The Foley Field Foundation is also qualified to receive tax deductible bequests, devises, transfers or gifts under section 2055, 2106 or 2522 of the Code. The Foley Field Foundation is classified as a public charity under the Code.