Herbert Simon, owner of theNBA basketball team and chairman emeritus of , founded the Herbert Simon Family Foundation in 1999. He established it to support organizations in efforts to create equitable, sustainable, and vibrant communities, with an emphasis on Central Indiana. The foundation provides funding to Central Indiana not-for-profit organizations in four key areas: arts and culture, basic needs, environment and climate change, and social justice.
In 2011, the foundation expanded its board of directors to include the second generation of the family. At this time, it entered a partnership with thefor strategic charitable advising and grant-making counsel. Working in partnership with the , the foundation launched its Roots to Read project in 2019. Formerly called Love of Reading, the program provides funding for selected IPS-system schools to renovate their libraries, increase their staff focused on literacy skills development, and expand book collections. They work to develop programming to engage families and to provide them with books at home.