From the official website:

The Poetry Foundation recognizes the power of words to transform lives. We work to amplify poetry and celebrate poets by fostering spaces for all to create, experience, and share poetry.

Established in 2003 upon receipt of a major gift from philanthropist Ruth Lilly, the Poetry Foundation evolved from the Modern Poetry Association, which was founded in 1941 to support the publication of Poetry magazine. The gift from Ruth Lilly allowed the Poetry Foundation to expand and enhance the presence of poetry in the United States and established an endowment that will fund Poetry in perpetuity.