The Wallaces originally created four private foundations (L.A.W. Fund in 1955, the DeWitt Wallace Fund in 1956, and the High Winds Fund and the Lakeview Fund in 1965), which have now been merged into The Wallace Foundation. They also established seven "supporting organizations" to benefit some of their favorite charities. These organizations existed as separate entities for about 20 years. They were dissolved in 2001 and their assets were transferred directly to the supported public charity to establish "Wallace Endowment Funds."