The Lake Community Foundation was established in 2004 as the Lake Eustis Foundation to receive a gift of property from Florida Hospital Waterman.

The property consists of over eleven acres in the historic center of downtown Eustis. Two contiguous blocks of that property were the site of the old Waterman Hospital (originally the Fountain Inn). When Florida Hospital bought Waterman Hospital, all parties agreed that a new facility would be built. Once the new facility was open, the old building was demolished and the vacant land along with other hospital properties in downtown Eustis were given to the community through the Foundation.

The Lake Community Foundation is now selling the property to developers interested in enhancing the economic base of downtown Eustis. Net revenue from the sale of the property will go to charitable organizations

The Lake Community Foundation recently changed its name to better reflect the services it offers to community philanthropists. The Foundation accepts donations from the community for any charitable cause. Donors can support their favorite charities by establishing endowments and funds at the Lake Community Foundation. The funds are professionally managed. Donors can either designate the charities to receive their fund disbursements or rely on the Foundation staff and board of directors to use the revenue from the funds to support charities with the greatest need and the greatest community benefit.