IUSF educates undergraduates about the importance of private support for IU, and offers opportunities for leadership training, community service, and philanthropy.
Membership is open to juniors and seniors.
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.