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 awards the Ella T. Grasso Literary Scholarship, providing two scholarships valued at $1,000 each to college students for submitting an original short story or essay that celebrates their Italian heritage. This initiative is part of UNICO's broader commitment to supporting education and cultural preservation within the Italian American community.