The Linux Foundation is host to more than 100 open source projects, but only a handful are foundations unto themselves. Cloud Foundry Foundation is unique in its standing as a Linux Foundation project: a nonprofit foundation and an open source project that came to the table fully formed. Incepted at VMware in 2010, Cloud Foundry was transferred to Pivotal in 2013 before being open sourced, at which point the Cloud Foundry Foundation was established.
The importance of the Foundation is multifaceted, but its primary significance is it holds all of the intellectual property for Cloud Foundry — and because it is a 501(c)(6), that means the intellectual property can never be transferred back to a for-profit company.
Read more at The Linux Foundation