Moody Foundation was established to benefit in perpetuity present and future generation of Texans. It was established by W. L. Moody Jr. and his wife, Libbie Rice.
The foundation continues to focus most of its projects which include the Foundation-initiated projects at Moody Gardens and the Transitional Learning Center.
Beyond Galveston, the foundation's historic base, they primarily award grants in Austin and Dallas, with emphasis on education, social services, children's needs, and community development.