The Board will govern the operations and undertake the following functions of the Foundation:

1. provide grants for evidence based early childhood projects and initiatives;
2. promote awareness of the importance of the early years of childhood;
3. promote research in relation to early childhood wellbeing, development and learning; and
4. such other functions as may be prescribed including seeking sponsorships, building partnerships and receiving donations from the business sector as well as individuals and organisations in the community.

The objectives and functions of the Foundation are consistent with the Whole of Government Policy Framework for the Early Years. The Framework was developed to provide the State Government with a clear vision, goals, principles, strategic objectives and priorities for investment and action in early childhood development in Tasmania for the future.