The Ameritec Foundation was established and fully endowed in 1987 by Thomas A. Hollfelder and John R. Watson, two entrepreneurs and philanthropists with interest in supporting medical research and in helping the poor and needy. The Foundation was a non-profit, public benefit entity which solicited no funds, sought no endorsements and existed solely for the purpose of administrating the Foundation's endowment to benefit mankind. The Foundation was dissolved in 2014.