The James Monroe Memorial Foundation was founded in 1927 by President Monroe’s granddaughter, Rose de Chine Gouverneur Hoes and her son, Laurence Gouverneur Hoes, and was incorporated in Virginia in 1947 for the purpose of safeguarding personal artifacts and documents from the Monroe family, initially housed in the James Monroe Law Office building in Fredericksburg, Virginia. This building was later dedicated as the James Monroe Museum and Memorial Library, housing the nation's largest collection of Monroe family items.

In 1964, Laurence Gouverneur Hoes entrusted this collection to the Commonwealth of Virginia in a “Deed of Gift” which perpetually regulates this stewardship. The Commonwealth of Virginia commissioned the University of Mary Washington with the public management of this collection, with a Board of Regents, appointed by the Governor, to review their work. One of the first projects supported by this Board of Regents were several archaeological projects which were started in the 1970s and the original foundations were discovered by a team from the College of William & Mary, which was uncovered and revealed.

During the time between 1951 to 1993, the Foundation heavily supported local groups in Colonial Beach who were working for the restoration of the James Monroe Birthplace site, but after nine separate organizations failed in this attempt, Foundation President, George William Thomas, III, upon being elected to office in 1993, made a vow to have the James Monroe Memorial Foundation take on this task directly.

The restoration of the birthplace farmhouse and farm complex were completed in late 2020 with the grand opening of the James Monroe Birthplace & Boyhood Home celebrated in 2021, aiming to create an authentic mid-18th-century farm experience. After 25 years of negotiations, fund raising, logistical and administrative work, the James Monroe Memorial Foundation acquired and signed a long-term lease with Westmoreland County for the management of this site. To this day, the descendants of James Monroe remain involved in the Foundation’s projects.