The Foundation announced its intentions Wednesday, and in a video on its website, West says that he has created the Foundation "to encourage others to follow a similar path" to his own.
"A government of the people must be truly representative of those it governs. But today, both minorities and veterans are underrepresented in elective office at the state and federal levels. the mission of this foundation is to educate and motivate members of these communities, my communities, to increase their participation and representation," he said.
West joined the Army in the early 80s, and served until a controversial incident in Iraq, in which he shot a gun close to a detainee's head during an interrogation, resulted in his eventual retirement from the military.
He went on to get elected to the House in 2010, but lost his reelection effort in 2012 in one of the most expensive, nastiest races in the nation.
As The Hill previously reported, however, West plans to remain active in politics through his nonprofit.
"The most important thing is, we want to be able to add a voice for minority and military conservatives -- to support inclusiveness. [We're looking at] how we can help them so that a lot of the things I had to experience coming out of the military, they won't have to go through," he said.
When it was initially launched, West transferred $250,000 in unspent campaign funds to the nonprofit, and to another group, American Legacy Guardians, which shares the same P.O. Box as the foundation.