Ivey Foundation was incorporated as a private charitable foundation on December 31, 1947 by Richard G. Ivey and his son Richard M. Ivey. The Foundation's mission is to improve the well-being of Canadians by focusing its resources on selected issues of significance. With a long history of supporting excellence and valuing transparency and accountability, Ivey Foundation also embraces change as a necessary part of its evolution.

Established in 2014 as a strategic priority, Ivey Foundation's primary focus is the Economy and the Environment granting program.

In November 2022, Ivey Foundation announced that it will wind up by the end of 2027, spending its $100 million endowment to enhance its efforts to advance Canada's net-zero economy and increase the capabilities of the Foundation's core partners on the front lines of Canada's climate and energy transition.