The late former SDLP leader and Foyle MP John Hume and wife Pat
One of its aims will be to protect the legacy of the prominent North of Ireland politician who died in August.
It will also “assist those working for reconciliation and peaceful political change” in the North of Ireland and around the world.
The foundation was due to launch in May, but plans were postponed as a result of the Covid-19 pandemic.
The foundation’s website launches online with a virtual event in Belfast on Friday.
Among those involved in the John and Pat Hume Foundation for Peace and Reconciliation are members of Mr Hume’s family, civil rights campaigners and former political colleagues of the former SDLP leader.
Notable patrons of the foundation include ex-US Senator and peace talks chairman George Mitchell, former Republic of Ireland President Mary McAleese and the son of murdered civil rights leader Martin Luther King.
Former SDLP leader Mark Durkan and Sara Canning, the partner of murdered journalist Lyra McKee, are directors of the foundation.
Mr Hume’s son John said the family was “extremely supportive” of the creation of the foundation and were pleased it also recognises the pivotal role of his mother.
“The foundation is the John and Pat Hume foundation and reflects the sort of team and double-act that my mum and dad were.
“They fed off each other for inspiration and for determination and that joint ethos will be at the core of the foundation moving forward.”
Speaking to BBC Radio Foyle, Mr Hume said: “My dad lived until he was 83 and he lived every single one of those years to the full, even in those later years when his health took over.
“We as a family are blessed with great memories, which live with us today and can celebrate the great achievements that mum and dad have made which we are very proud of.”
Chairperson of the foundation Professor Sean Farren said that it is important the Hume legacy is “sustained and developed for future generations”.
“One of our first events scheduled will be Martin Luther King III addressing a group of young people, albeit virtually, who will be drawn from across our school systems,” Prof Farren said.
“The foundation is also currently in the process of developing a bursary programme for young people from disadvantaged backgrounds who may not have the means to attain higher education.”
Foundation secretary Tim Attwood said the foundation is about recognising “the tremendous contributions” that both John and Pat Hume have made over the years.
“We had hoped to have been able to put on a significant event at the Guildhall and bring together people, but unfortunately Covid-19 has meant that this is not possible.”
The foundation’s headquarters will be based in Londonderry.
Former US President Bill Clinton with John Hume
Mr Attwood said establishing the organisation is a huge undertaking but one he and fellow members will relish.
“There is a burden on us in a sense that John’s legacy encompassed so much.
“From the creation of the credit union, the Good Friday Agreement, championing socio-economic justice, creating jobs and giving young people hope in areas of disadvantage.
“What is most important – is that it will hopefully inspire future generations and people in leadership for peaceful change both on this island and further afield.”
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