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According to the incorporation papers, the corporation was formed for seven purposes. They included:
To organize, promote and maintain for benevolent and charitable purposes an association of persons who have seen honorable service during the Korean War at any time between June 25, 1950 and 31 January 1955, both dates inclusive, and of certain other persons, the particular qualifications for membership to be set forth in the By-laws of the Korean War Veterans Association.
To grant charters to groups of members at large of the Association.
To provide a means of contact and communication among the members of the Association.
To promote the establishment of, and to establish war and other memorials commemorative of any person or persons who served in the Korean War.
To aid needy Association members and their wives and children, and the widows and children of persons who were members at the time of their death.
To establish and maintain a national headquarters.
To do any and all things necessary or proper for the accomplishment of the foregoing business and objects of the Association, including, for such purposes, to contract and pay for personal and other services, to contract for, buy, take by deed, gift or devise, hold, possess, manage, borrow, rent, lease, loan, assign, convey, sell, and dispose of in any manner real and personal property, and to act as trustee, or be a beneficiary of a trust.