Named after its principal benefactor, the William E. Simon Foundation supports programs that are intended to strengthen the free enterprise system and the spiritual values on which it rests: individual freedom, initiative, thrift, self-discipline and faith in God. The mission of the Foundation reflects the unique accomplishments of the individual for whom it is named, and the principles of a free society that have made these accomplishments possible.

The main charitable purpose of the Foundation is to assist those in need by providing the means through which they may help themselves. The charitable philosophy guiding the Foundation draws heavily on the thoughts expressed a century ago by Andrew Carnegie in The Gospel of Wealth, where he wrote, " In bestowing charity, the main consideration should be to help those who will help themselves; to provide part of the means by which those who desire to improve may do so; to give those who desire to rise the aids by which they may rise; to assist, but rarely or never to do all." In implementing this philosophy, the Foundation seeks to fund programs which are effective in promoting independence and personal responsibility among those in need.