Membership in the Austin Peay Foundation is a special honor that is bestowed upon community and alumni leaders who have demonstrated genuine interest in the goal of enhancing higher education and Austin Peay State University. Members are elected to serve a term of five years. Members may be selected to serve a second term. After that, they must leave the board for at least one year.

Foundation members perform the following three duties:

• First and foremost, they give from their own resources in support of the University. They must set the example so that they can become effective in their roles as Foundation members.
• Foundation members assist in obtaining gifts to the University from other sources. They are asked to call on other potential donors or identify potential donors or other sources of private support. They may go on calls with a representative of the University.
• Foundation members stay current and knowledgeable on the status of Austin Peay State University. They are briefed periodically and given direct access to the president and the executive director for University Advancement in obtaining information. They are advocates and ambassadors for the University.

Meetings of the Foundation are not frequent, but Foundation members are expected to attend all meetings of the Foundation. No more than two or three full board meetings are anticipated per year. The day-to-day business of the Foundation is conducted by the executive committee.