The Amateur Speedskating Union (ASU) Foundation (Foundation) is a 501(c)(3) organization incorporated in the State of Illinois on June 15, 2000 as provided by the general Not for Profit Corporation Act of Illinois. The purpose of the Foundation is to protect, maintain and build endowment funds established by the ASU and to see that these funds are used for their intended purposes. Currently, the funds are invested in separate accounts with Edward Jones. The Foundation draws upon the interest accrued from these funds. The Foundation became a separate entity prior to the 2002 merger of the ASU and US Speedskating. The endowment funds are:
Scholarship Fund – The ASU Scholarship Fund grants post-secondary educational scholarships annually to US Speedskating members who are/were involved in the sport.
Hall of Fame Fund – The Hall of Fame Fund was established to provide a source of income for improvements and maintenance of the Hall of Fame.