The E. Rhodes and Leona B. Carpenter Foundation was established to continue the philanthropic legacy of its founders, focusing on supporting various charitable causes, mainly through significant funding received after the deaths of its founders. While operating independently, it honors the wishes of E. Rhodes and Leona B. Carpenter, emphasizing support in communities significant to the history of Carpenter Co.
The Foundation's Asian Art Grants program seeks to support museums that are public charities with a permanent collection. It aims to fund projects related to the purchase, conservation, and exhibition of Asian art, as well as educational initiatives in Asian art. Additionally, it offers support for exhibitions of Western art in the People’s Republic of China or the Republic of China (Taiwan), focusing on fostering cross-cultural appreciation and understanding of art.