The Ursuline Academy Foundation was founded in 2007 to preserve the Academy as an educational institution. When those efforts ended, the Foundation board reorganized to promote Catholic education in Springfield and work to preserve the Academy campus. Since the Ursuline campus was purchased by Preservation Inc. in 2022, the Ursuline Academy Foundation has worked closely with Preservation Inc. in preserving and restoring the Ursuline campus.

In 2011, the Ursuline Academy Foundation and the Ursuline Academy Alumni Association were merged into the Ursuline Academy Alumni Foundation. The original goals of the Foundation were formally expanded to include outreach and networking with the Alumni community.  The expanded Foundation is moving forward to keep in closer contact with all Ursuline Academy Alumni while preserving the Ursuline tradition of Serviam and promoting Catholic education throughout the city of Springfield.