The Mission of the Lehman College Foundation is to raise, invest and distribute private funds for scholarships, faculty support and other educational needs of Lehman College. It raises funds through a variety of programs, including corporate and matching grants, alumni appeals, endowed scholarships, and planned giving. The Foundation is a not-for-profit educational foundation chartered by the Department of Education of the State of New York and recognized as a federally tax-exempt organization. It is governed by a volunteer Board of Trustees that includes community, business and education leaders, as well as alumni of the College, and is managed by an executive director.

As with many public colleges and universities, the Foundation was established to ensure that state-budgeted funds are maintained separately from private and corporate contributions. With the gifts and grants it receives, the Foundation awards scholarships and fellowships, and supports research and educational activities in fields of intellectual inquiry in line with the College's educational objectives.

The Lehman College Foundation accepts both unrestricted and restricted gifts that may be designated for specific use by Lehman College Scholarship Office.  Lehman is dedicated to assuring that scholarship funds are used to recruit, retain, and help students graduate. All Lehman College students are welcome and encouraged to apply for the various scholarships Lehman has to offer.