From modest beginnings, the Iowa West organization has evolved into one of the largest nonprofit organizations in the Midwest, and its still fairly young.  The Iowa West Racing assocation (IWRA) was officially formed in 1984, and the Iowa West Foundation was established in 1994 as a private charitable foundation.

The Iowa West Foundation is funded by investment income and the IWRA, which receives contracted fees paid by local casino operators - Ameristar and Harrah's. The Foundation is an independent nonprofit recipient, as described in the 501(c)3 of the Internal Revenue Code, and is headquartered in Council Bluffs, Iowa. The Iowa West Foundation supports many communities in southwest Iowa and eastern Nebraska.