The ICAS Foundation receives and administers donations of funds, articles or artifacts to achieve the following goals:
- To recognize and preserve the legacy of the aerial performer.
- We engage in the identification and preservation of articles or artifacts of historical value to the air show industry.
- We commemorate those who have contributed to the air show industry through the ICAS Foundation Hall of Fame.
- We document the production, sponsorship, promotion, and organization of the air show industry from the beginning of flight to the present time.
- To award monetary student scholarships to support the pilots, mechanics and performers of the future.
- To assist families of those in the air show industry who have been struck by tragedy.
- To undertake programs to educate and enhance the knowledge of the public about the air show industry.