The Achelis Foundation was founded by Elisabeth Achelis in 1940. Miss Achelis was born in Brooklyn Heights in 1880 and moved to Manhattan in 1901 where she resided until her death in 1973. Her father, Fritz Achelis, was the president of the American Hard Rubber Company, which produced a variety of products under the "Ace" trademark, including combs and bowling balls.

The charter of The Achelis Foundation states that its mission is "to aid and contribute to charitable, benevolent, educational and religious uses and purposes for the moral, ethical, physical, mental and intellectual well-being and progress of mankind; to aid and contribute to methods for the peaceful settlement of international differences; to aid and contribute to the furtherance of the objects and purposes of any charitable, benevolent, educational or religious institution or agency; and to establish and maintain charitable, benevolent and educational institutions and agencies."

Since its founding, The Achelis Foundation has made grants totaling over $37 million. Total assets of The Achelis Foundation were $44.7 million on December 31, 2007.