The mission of the UNICO Foundation is to support charitable, scientific, educational, literary, and religious purposes, primarily through offering scholarships. As a 501(c)(3) Corporation, it focuses on accepting and making donations, grants, awards, and more. The Foundation's primary project involves granting scholarships, with over 40 awarded each year, along with making substantial grants to areas like Cooley’s Anemia, Mental Health Organizations, Italian Studies, cancer research & prevention, and food bank/shelter efforts.
The UNICO Foundation annually offers the Ralph J. Torraco Scholarship for Seminarian Studies, awarding four $1,000 scholarships to students enrolled full-time at an accredited Catholic Seminary in the United States. This grant supports those committed to seminarian studies, reflecting UNICO's broader goals of supporting educational endeavors and promoting cultural heritage.