The Whitaker Foundation was established as a non-profit arts foundation on October 28, 1987 to preserve the work of Eileen Monaghan Whitaker and Frederic Whitaker. This mission was later expanded to include the promotion of watercolor and watercolor artists in general. The Whitaker Foundation has awarded money for prizes for exceptional watercolors in competitive exhibitions, including those of the National academy of Design in New York. It has contributed funds to the Massachusetts College of art and the Mingei International Museum of World Folk Art.

Since 1965, Syracuse University in New York has held the Frederic Whitaker Manuscript Collection which has grown to include more than 100 paintings and documents. With Eileen Monaghan Whitaker’s death in September of 2005, the remainder of Fred’s papers and other memorabilia, as well as the nucleus of Eileen’s life’s work, was donated to Syracuse University.

Whitaker Foundation holdings include watercolor paintings of both artists and continues to further the work of Frederic Whitaker and Eileen Monaghan Whitaker through museum exhibitions, a traveling exhibit, and ongoing sales to museums and collectors.