The Assumption Foundation was created in 1973 by seven original grantors who shared a common interest in the future of Assumption High School (C. F. Barrett, John M. Beyer, Jr., Vincent D. Burke, Edmund H. Carroll, John J. Duffy, William B. Hofmann, and John H. Sunderbruch.)

The Foundation was established by a trust agreement requiring a board of directors. The first board included original grantors Barrett, Beyer, and Sunderbruch. They were joined by John Kahl Figge, Eugene D. Glickman, Eda P. Hofmann, Richard A. Shultz, Michael P. Underwood, and Robert A. VanVooren. Over the years, the Assumption Foundation has contributed more than $600,000 to the support of Assumption High School.

In 2002, the Foundation began evaluating ways it could advocate for all Scott County K-12 Catholic schools. Discussions led the Foundation to change its name to Assumption Foundation for K-12 Schools and to adopt the following Mission Statement:

Our mission, as a non-profit corporation, governed by a volunteer Board, is to advocate for and advance the excellence of Catholic education at Assumption High School, and in the Catholic elementary schools of Scott County.

In 2004, the Assumption Foundation for K-12 Schools became a catalyst for securing the future of Catholic school education in Scott County when it stepped forward to lead the Embracing Our Future campaign.

There is not now, nor has there ever been, any periodic financial reporting from the Assumption Foundation to the Diocese of Davenport. Banking relationships and investment decisions of the Foundation are determined with complete independence. The Foundation has its own FEIN number and is a 501(c)3, incorporated in the State of Iowa. The Foundation's trust agreement requires it to be controlled by a lay board.

For all of these reasons, gifts to the Assumption Foundation for K-12 Schools are not at risk because of any financial or legal concerns of the Davenport Diocese