The ASU Foundation for A New American University is a separate, affiliated 501(c)3 organization that raises and manages funds to support the work of Arizona State University. It is one of Arizona's oldest nonprofits, yet it also stands out as a vanguard for advancing innovative, nationally distinctive approaches to philanthropy. It is one of five affiliated organizations that make up ASU Enterprise Partners, an innovative organizational model designed to generate resources to meet the needs of ASU in a challenging funding environment.

Specifically, the foundation:
- Facilitates and receives all contributions to ASU, including that from individuals, corporations, foundations, and any other private source
- Directs major fundraising campaigns on behalf of ASU
- Oversees development efforts of ASU Enterprise Partners
- Disburses contributions according to the wishes of the donor
- Oversees management of investment assets
- Promotes a culture of philanthropy and generosity at ASU