The Geelong College Foundation was established as an incorporated body in 11 March 1987 to preserve, develop and secure the future of the College by assisting Council through raising funds other than by fees. The Geelong College Council approved its establishment at its meeting of 31 July 1986.

Its specific objectives are to invite past students and parents of students and friends to become members of the Foundation; To encourage the making of gifts and bequests for the benefit of the College; To enlist support, particularly financial support, of past students, parents of students and friends to further to educational services, facilities, buildings and infrastructure of the School and to raise money by appropriate methods to benefit the School and its students.

Many of the initial Steering Committee meetings from 1986 to March 1987 were chaired by Dr J P Ayerbe.

1987-1989 (May) Betts, Geoffrey James AM MBE

1990-1993 (Mar) Neilson, Dr Donald 'Geoffrey' AM

1993-1996 (Apr) Nall, Kenneth Spencer OAM

1996-1998 (Feb) Hepburn, Ross Gordon

1998-2000 (Jul) Betts, Peter Lindsay

2000-2005 (Jun) Jarvis, Kenneth Edward OAM KSJ

2005-2009 (Feb) Mountjoy, Murray Laurence

2009-2014 (Feb) Betts, Michael John

2014-2021 (Mar) Hutton, John Alexander 'Sandy'

2021-2025 (Mar) Chirnside, Scott McIvor

2025-current Webb, Anna Louise

Mr Geoff Betts (deceased) 1987-1994 (President 1987-1989)

Mr Geoff Neilson (deceased) 1987-1996 (President 1990-1993)

Mr Ken Nall (deceased) 1987-1996 (President 1993-1996)

Mr Scott Chirnside 1987-1993

Mrs Elizabeth Farrow 1987-1996

Mr Neil Gow 1987-1990

Mr Alexander G Gray (deceased) 1987-1989

Mr Robert Purnell (deceased) 1987-1989

Mr John Richardson (deceased) 1987-1992

Mr Syd Weddell 1989-1991

Mr John Urbahns (deceased) 1990-1992

Mrs Wendy Dimmick (deceased) 1990-1996

Mr Ross Hepburn 1991-1998 (President 1996-1998)

Dr Graham Senio 1992-1997

Mr Peter Betts (deceased) 1993-2003 (President 1998-2000)

Mrs Barb Ashby 1993-1996

Mr John Anderson 1996-2001

Miss Catherine Gray 1996-2002

Mr Frank Herd 1996-2001

Mr Bill Huffam 1996-2009

Mrs Annie Young 1996-1998

Dr Helen Crowley 1997-2005

Mr Ken Jarvis 1998-2008 (President 2000-2005)

Mr Murray Mountjoy 2000-2014 (President 2005-2009)

Mr Chris Crawford (deceased) 2000-2001

Ms Allana Goldsworthy 2002-2009

Mr Russell Malishev 2002-2012

Dr Gerald Mathews 2002-2008

Mrs Wendy Abikhair 2005-2017

Prof Stephen Bolsin 2005-2012

Mr Michael Betts 2009-2014

Mr Hugh Bromell 2008-2014

Mr J A (Sandy) Hutton 2011-2023 (President 2015-2021)

Mr Andrew Cameron 2011-2024

Ms Suzanne Mockridge 2012-2019

Mr Cam Emerson 2012-2021

Mr Andrew Hill 2013-2013

Dr Peter Carman 2013-2019

Mr Scott Chirnside 2015-2026 (President 2021-2025)

Mr Richard Carr 2015-current

Mrs Julie Cole 2017-2021

Mrs Lauren Betts2019-2025

Ms Anna Webb 2020-current (President 2025-current)

Mr Nick Gilchrist 2021-current

Mrs Sue Swan 2022-current

Mr Bradley Fenner 2022-2025

Dr Ben Miller 2024-current

Mr David Williamson 2025-current

Mr Albert Weddell 2026-current