During the spring of 1998, the Elmwood City Council sponsored a community meeting. This endeavor was intended to provide a forum for discussing general community development. Throughout the summer of 1998, the group discussed and debated formal organizational structure, goals, objectives, motivations, etc. Having passed through a number of incarnations, the group ultimately formed into the Elmwood Community Foundation. Bylaws were drafted in the fall of 1998, Articles of Incorporation were filed in November 1998, and 501(c)(3) exemption status was received in February 1999.

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From its inception, the Elmwood Community Foundation mobilized into a dynamic organization endeavoring to identify and strengthen Elmwood's many assets and to reconcile its few liabilities. A number of priorities were identified: economic development, residential development, recreation, City promotion, tourism, and City needs. The Foundation began collecting, organizing, and compiling information about the community by utilizing a variety of technological resources (such as GIS and Internet technologies) and by forging strong relationships with the City of Elmwood, the Elmwood Association of Business, the local School District, the Peoria Area Economic Development Council, CILCO, the State Chamber, and
other organizations.

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The Foundation's commitment to the community is strong and ambitious: the group has a proven record of hard work and devotion. This demonstrates that dedication to making Elmwood, Illinois a great place to work, to prosper, to visit, and to live.