The sole purpose of the Turku University Foundation is to promote the activities of the University of Turku. The Foundation's main activity is the management of funds, from whose profits the Foundation annually distributes a significant amount of grants. In addition, the Turku University Foundation owns a number of culturally valuable assets, the activities and maintenance of which are aimed at realizing the Foundation's core mission of supporting teaching and research at the University of Turku. The cultural properties owned by the Foundation are separate from the assets of the funds.

The Turku University Foundation has operated in its present form since 1974, when the University of Turku was brought under state control and ownership. The resources received by the private university through donations provided the capital for a foundation intended to promote the activities of the University of Turku. The Turku University Foundation is governed by a Board of Trustees and a Board of Directors. These bodies include representatives of the University of Turku, the City of Turku, the Finnish University Foundation of Turku, as well as of civic organizations and commerce and industry. Master of Laws Jukka Mikkola is the chairman of the Foundation's Board of Trustees and Tuomo Lähdesmäki, M.Sc. (technology), MBA is the Chairman of the Board of Directors.