Many of IU's donors and volunteers are Student Foundation alumni. The Student Foundation conducts the Senior Challenge, a program that encourages seniors to begin supporting IU with their gifts. Student Foundation members also organize and carry out events to raise scholarship funds for working students. Their best-known events are the Little 500 men's and women's bike races in the spring. Membership is open to undergraduates in their fourth semester or who have 24 or more credit hours.
Members have the opportunity to create a tradition in campus.
Committees are working on athletic promotions, campus and community relations, membership recruitment, fund raising, communications and web development, and special events.