Narragansett Number One Foundation is a Maine nonprofit corporation established by Pat and Erwin Wales on September 7, 2001, thirteen days after winning the national Powerball lottery drawing.

To get things started, the Wales family donated $5 million. Other individuals, organizations or companies may donate, if they are so inclined. The Foundation has Internal Revenue Service tax-exempt status as a private foundation. Pursuant to its bylaws and pertinent IRS regulations, each year the foundation will award grants equal to, or exceeding slightly, five percent of its assets' value.

Details of the Foundation's Legal and Tax status