In 1984 the Lewiston School District Trust Fund was created to provide funding for programs and projects to benefit the staff and students of Lewiston Independent School District #1. Because the Trust Fund contained school district monies, it was bound by state-imposed guidelines. These guidelines did not allow much flexibility in investments, and were more designed to protect the public assets than to generate substantial income. Thus the interest generated by the Trust Fund for program expenditures was often less than desirable.

To address this situation, the Lewiston Independent Foundation for Education, Inc. (L.I.F.E.) was incorporated in 1996. L.I.F.E. was created as a public foundation, which allows greater flexibility in investments in order to maximize interest profits while still minimizing risk to the principal. L.I.F.E. is a 501 (c) (3) non-profit organization. It is governed by a 21 member Board of Directors, with members drawn from the education and business communities and from the community at large

L.I.F.E. accounts are of two types, endowed and non-endowed. In addition, L.I.F.E. administers the Lewiston School District Trust Fund, which is a separate entity from L.I.F.E. The Trust Fund principal is entirely endowed and may not legally be transferred or merged with the L.I.F.E. foundation monies. The L.I.F.E. funds are invested in bond funds, mutual funds, and money market accounts. L.I.F.E also maintains a local checking and savings account.

L.I.F.E. is a volunteer organization with one paid, part-time staff member to maintain the day-to-day workings of the L.I.F.E. office. The L.I.F.E. office is located at 3317 12th Street, in the ISD#1 Central Services complex, in the Center building just north of the main office building.