The seed of the idea of a community foundation for Oakville came from two early benefactors: the Lawson Foundation and the De Maio Foundation, both family foundations with ties to Oakville. They met with representatives of the United Way of Oakville and challenged it to provide leadership in developing a community foundation to serve the area.
Under the leadership of Mayor Ann Mulvale, herself a former executive director of the United Way of Oakville, a steering committee began laying the groundwork for the Community Foundation. After many meetings and much work by a growing group of volunteers, the federal government approved the CFO's letters patent on March 10, 1994.