The Foundation was chartered as a non-profit corporation under the laws of Colorado on June 10, 1986. The corporation is organized "to promote and fund charitable, religious, scientific, literary and educational endeavors within the United States of America." It is structured to qualify donors for a tax exemption under section 501 c 3 of the Internal Revenue Code, and the IRS ID number is 13-3355618. The BFF should not be confused with a foundation of the same name chartered in Texas.

The BFF makes contributions to other educational and charitable institutions on a very selective basis. Unsolicited requests will be reviewed, but the modest resources of the BFF make it unlikely that projects outside of the Foundation°s planned scope will be funded.