Its stated function is the funding of educational projects; the two main work areas in its active period were funding of capital developments at Irish colleges, and an annual post-graduate scholarship programme for young people normally resident in Ireland, with the aim of "supporting charitable endeavours for the betterment of Ireland and to promote excellence, global vision, community responsibility and leadership.
The Foundation made a major contribution in May 2000 to complete funding of the 50% privately funded €22.2 million new library building for Dublin City University, later named "The John and Aileen O'Reilly Library" in honour of Dr. O'Reilly's parents.
The Foundation sponsored scholars who have an excellent academic record (First Class Honours - in the Irish / British systems - preferred) and who "have demonstrated leadership qualities", as well as the "potential and desire to make a significant contribution to the future of Ireland" .
The scholarships were stated to be chiefly aimed at Ph.D. candidates but have in fact been awarded for a wide range of types of student.
[1] Over the first eleven years, or as the official website calls them, "cycles", of the programme, there were 26 awards made.