The Feel-Good Foundation was established in 2003 in honor of the following family members of the founders, who were known throughout their lives for their generosity and philanthropic activities: Helen Halle Neubauer, Walter & Helen Halle, Frank & Lucy Milbourn, and John & Margaret McKenzie. Initial seed funding for The Feel-Good Foundation was provided by Jane & Fritz Neubauer, Jr., of Chardon, Ohio. Their long-term goal is to create a legacy that someday will make The Feel-Good Foundation synonymous with helping children to become happy, healthy, productive adult members of society.

The Feel-Good Foundation was formed under the auspices of the Cleveland Foundation, operating as one of their nearly three hundred donor-advised funds. As one of the country's largest community foundations, the Cleveland Foundation is an invaluable resource to grant-making organizations like The Feel-Good Foundation.

The Feel-Good Foundation's board of advisors recommends grant opportunities and oversees operations of the organization. The Cleveland Foundation assists this board of advisors by investing and overseeing the assets in the fund, researching and identifying potential grant recipients and administering the grant-making process.