The Athens State University Foundation's primary functions are for the receiving and receipting of private gifts intended for Athens State. The Foundation is managed by a volunteer Board of Directors and is staffed by university employees. Rick Mould, Vice President for Advancement and University Relations, serves as the Executive Director of the Foundation.

The Foundation serves as a vehicle whereby property or gifts can be received and managed independently on behalf of the University. All contributions, donations, gifts, or bequests of personal or real property (including cash, stocks, bonds, insurance policies, real estate, business investments, etc.) to the University must be made through the Foundation, except in the case of research grants and contracts. This prevents private gifts from being commingled with state monies, and it allows greater flexibility in the use of gifts.

The Foundation maintains the official record of private gifts received on behalf of the University and provides donors with the proper receipts of gifts for tax purposes. The Foundation and Development Office staff acknowledges all gifts to Athens State in a timely manner with a receipt and a thank you letter.