Mr. Lloyd Freeman (Former Chairman) and Mr. Floyd Mitchell (Current Chairman) founded the Tripod Foundation Inc. (formerly the Phi Sigma Pi, Alpha Tau Chapter Endowment Fund, Inc.) on February 20, 2007. The purpose of the organization is to provide scholarships and other types of financial aid to worthy individuals. It also seeks to maintain and aid social, charitable, educational, and other activities serving the community. The foundation also assists community groups and individuals in educational and charitable activity. The final goal of the organization aims to work with the youth in a variety of ways that encourage and promote character through scholarship, leadership, and fellowship. The Tripod Foundation Inc. is a tax exempt 501(c)(3) non-profit organization.