The Mall of America has launched a new foundation to bolster the Bloomington megamall's local philanthropy.

The Mall of America Community Foundation, which is a separate tax-exempt nonprofit, will be focused on funding initiatives related to education, mental health, community wellness and financial stability.

While the megamall has given back to the community and held charitable events throughout its 30-year history, the separate nonprofit will "take our efforts to the next level," Sara Durhman, the foundation's president and MOA's community relations director, said in a statement.

Many Minnesota-based corporations, such as Target and Wells Fargo, have separate philanthropic foundations that they support.

On Sunday, the Community Foundation will hold its first event, Teacher Appreciation Day, to launch national Teacher Appreciation Week. The mall will open Nickelodeon Universe to more than 3,500 Minnesota teachers and their guests, and the foundation will make a donation to, a Minneapolis-based national nonprofit that funds schools to reduce the costs teachers pay to equip their classrooms.