The Tasmanian Community Foundation was established in 1995 as two trusts managed by an honorary Board of Management. Tasmanian Trustees Limited acted as trustee of the Foundation until 2005 when the current structure was put in place. The Tasmanian Community Foundation, a company limited by guarantee, was established ad took over the trustee role in respect of the two funds, the Public Fund (a charitable fund able to receive tax deductible donations) and the Open Fund (a charitable fund).
The foundation acknowledges the support of The Myer Foundation through the Capacity Building Grant, which enabled it to establish a partnership with Colony 47 to provide administration support services which frees the Board to focus on generating new energy and commitment to lead philanthropy in Tasmania. The Foundation also acknowledges the support of the Foundation for Rural and Regional Renewal for the Youth in Philanthropy initiative and Community Foundation Program.