Together, Richard Goldman and his wife, Rhoda, formed two foundations. The Goldman Environmental Foundation administers the Prize program. The Richard and Rhoda Goldman Fund is a grantmaking entity.

The Richard and Rhoda Goldman Fund honors the legacy and values of its founders. Those values are reflected in the Goldman Fund's core program areas and include a strong connection to the San Francisco community and California, a lifelong concern for the environment, and a deep and unwavering commitment to the Jewish people and Israel.