Throughout the early history of Southern Baptists, gifts in trust to benefit Convention causes were administered by the Convention treasurer. Following years of study, the recommendation was made in 1927 to establish a Southern Baptist Foundation. It was not until February 21, 1947, that a charter was granted in the State of Tennessee following Convention action the year before.

The affairs of the Foundation were managed by a Board of Directors elected by the convention upon recommendation of the Committee on Nominations. In The Covenant for a New Century, approved by messengers in 1997, the Foundation became a subsidiary corporation of the Executive Committee with trustees elected by the Executive Committee. The new trustees' first action was to approve and affirm all policies then in existence.