The Jamestown Foundation was created by an act of the General Assembly passed on March 29, 1958, to administer, develop, and maintain Jamestown Festival Park. The Foundation was administered by a board of trustees consisting of twenty-four members, eight appointed by the Speaker of the House from its membership, four appointed by the President of the Senate from its membership, and twelve members appointed by the Governor from the citizens of the Commonwealth. Effective July 1, 1976, the Foundation was renamed the Jamestown-Yorktown Foundation and also was charged with acquiring, operating, and maintaining Yorktown Victory Center at the request of the Virginia Independence Bicentennial Commission.

In addition to administering Festival Park and Victory Center, the Jamestown-Yorktown Foundation is charged with developing and maintaining national and international awareness of the important role played by Virginia in the creation of the United States through programs, related research, and educational programs. The overriding educational purposes of the Foundation were first recognized when the General Assembly declared the agency to be an educational institution within the definitions of the Code of Virginia. That action also identified Jamestown Festival Park and Yorktown Victory Center as historical museums and commemorative shrines by law. The Foundation actively directs private sector efforts to increase tourism in the areas in which the foundation has its centers.