Incorporated in 1991, the Troy Public Library Foundation is a 501©(3) nonprofit organization whose purpose is to solicit gifts, endowments, bequests, and grants for the support, enhancement, and continued operation of the Library.

A separate entity from the Friends of the Library and the Troy Public Library with its own board of directors, mission, and by-laws; the Foundation enlists the involvement of individuals, families, foundations, businesses, organizations, trusts and estates in support of the public library.