The Zeta Beta Lambda Foundation, Inc., was established on February 2, 2002 by seven members of the Alpha Phi Alpha Fraternity, Inc., Zeta Beta Lambda Chapter. It is incorporated as a nonprofit public benefit corporation under the California State laws for charitable purposes.

It is designed to collaborate with chapters of the Alpha Phi Alpha Fraternity, Inc., members of the Pan Hellenic council and other community organizations whose purposes are congruent with the Zeta Beta Lambda Foundation. It received its tax exemption on April 23, 2002, from the California State Franchise Tax Board under the Revenue and Taxation Code Section 23701(d).

The Internal Revenue Service exempted the Zeta Beta Lambda Foundation, Inc. from federal income tax under Internal Revenue Code Section 501(a) as an organization described in Section 501(c)(3).