The Foundation was established in 1993 by the library's Board of Trustees for several reasons. First, in the face of declining county and state support, private fund raising was deemed essential to sustain the health and vitality of the Library. Second, bequests stemming from the days of the Cornell Free Library were in need of better financial management. There are between nine and fifteen directors of the Foundation board. Three of the seats are filled by individuals recommended by the Tompkins County Public Library Board of Trustees, three of the seats are held by Friends members recommended by the Friends of the Library and up to nine of the seats will be at large.
Directors hold three year terms and meet monthly.
In 1997 the Foundation raised funds for Sunday Openings. The Friends of the Library and local businesses contributed generously to this project for two years after which Sundays were funded from the general Library operating budget and the annual contribution of the Foundation. The Campaign for the New Tompkins County Public Library began in 1999 and culminated in September of 2000. This broad based fundraising campaign was concurrent with the renovation of the pre-existing Woolworth building into the new library. The Library opened its doors on 20 November 2000 and celebrated with a Grand Opening Celebration on January 13th and 14th 2001.