The Wayne State Foundation is an institutionally related but separately incorporated nonprofit 501 (C) (3) corporation that exists for the sole benefit and promotion of Wayne State College. In 1961 local Wayne, Nebraska community leaders: Henry Ley, Adon Jeffry, Ken Olds and Val Peterson incorporated the foundation. Val Peterson was named the first executive director of the foundation. The foundation continues to benefit from the support and leadership of Wayne, Nebraska community leaders who serve as trustees and on the executive committee.
Since its founding, the Wayne State Foundation has focused on providing students with scholarships. With the initial scholarship support of $1,300 in 1962 to over $1 million awarded in 2009-2010, the foundation continues its commitment to increase scholarships for Wayne State College’s more than 3,500 students. The foundation’s impact on the College doesn’t stop there. Through contributions of alumni, employees, trustees, foundations and corporations the foundation provided funding for the following College projects.