By a Trust Deed dated 20 June 1994, a group of alumni of The University of Queensland (UQ) recognised that the sport of Rugby Union football played as an amateur game at UQ needed financial assistance and created the University of Queensland Rugby Union Foundation Trust (Foundation) which sets up a trust fund with the purpose of providing money, property, or benefits to or for UQ in furthering the sport of Rugby Union football at UQ. This trust purpose is charitable and the Foundation is registered as a charity with the Australian Charities and Not-for-Profits Commission (ACNC).

Eleven responsible, unpaid UQ alumni are the trustees of the Foundation. They raise money from the public, manage and invest the trust monies prudentially (with professional advice) in accordance with the Trust Deed and governing legislation (including, in particular, the requirements of the ACNC and the Australian Taxation Office). They make distributions to The University of Queensland.