Eastern University Foundation was established in 2003 under Societies Registration Act, 1860. It is a non-profit, non-political and philanthropic organization. Its founders include academics, chartered accountants, engineers, industrialists and retired civil servants. At present, the Foundation has 30 members. The list of the members is given below.

The Foundation was established with the primary objectives of promoting education, research and human resource development. The other objectives are social service, human welfare and counseling. As per its Memorandum and Articles of Association, the Foundation can set up schools, colleges, universities, libraries and other institutions, can organize training programs, seminar, workshops, symposium and can publish books and research works.

The Foundation has also the mandate of setting up charitable hospitals and undertake social and human welfare programs. The Foundation may offer stipends and scholarships to the poor and meritorious students. It may also work for expansion of and innovation in information technology including software development. The sources of finance of the foundation include donation of the founders, membership fees and donations by its members, loan from individuals and institutions and income from other sources.