The Golden Casket Foundation represents a partnership between Golden Casket Lottery Corporation Limited  and Queensland Treasury.  Golden Casket Lottery Corporation Limited provides the core funding grants, and Queensland Treasury administers and manages the Foundation through the Queensland Office of Gaming Regulation.

Golden Casket Lottery Corporation Limited  has a history of supporting health and wellbeing projects in Queensland since 1916.  The Foundation builds on Queensland's strengths in health and medical research, by providing Queensland hospitals, health services and independent medical research institutes with the support needed to continue the world class research they are undertaking.

The Golden Casket Foundation Committee is made up of two representatives from Queensland Treasury and two from Golden Casket Lottery Corporation Limited. Committee members are appointed by the Treasurer.

The Golden Casket Foundation Committee  has the central responsibility of ensuring that applications are appropriately assessed and that funding is allocated in a transparent and equitable manner.