In 1970, the Winston-Salem State University Foundation, Inc. was established as a private, non-profit organization that focuses on the long-term needs of the university and enhances the efficiency of its fundraising efforts. The two entities operate independently.

The Foundation aims to foster and promote the university's growth, progress, and general well-being.

The Winston-Salem State University Foundation’s board of directors comprises local community members, alumni, and university administrators. The board oversees how the foundation raises money, invests donations, and distributes grants, of which WSSU is the sole beneficiary. It also advises and supports other activities of the foundation designed to further the interests of WSSU.

The generous support from loyal, enthusiastic alumni and friends of Winston-Salem State University is instrumental to the foundation’s growth. As funding support from the state of North Carolina continues to be constrained, the importance of private gifts as a revenue source grows.  

The Winston-Salem State University Foundation also operates the Winston-Salem State University Housing Foundation, LLC, in efforts to assist in campus development and revenue generation. The WSSU Housing Foundation, LLC exists exclusively for the benefit of WSSU to lease, operate, manage, and contract for the construction of student housing facilities. Since its formation in 2001, the foundation has supported projects that have added 1,100 beds to the campus.