The establishments and assets of college foundation had a rapid expansion in recent years. As its dominate income, donation of the foundation has determination on its persistent development, how to attract donation income from accordingly refining its operation management is crucial. This study analyzes operation management data from 407 non-public offering college foundations in 2014. Statistical analysis and regression modeling are used. We find that the donation income of non-public offering college foundation is positively associated with its Foundation Transparency Index (FTI), public expenditure, revenue and expenditure ratio, and negatively influenced by its years of establishments and investment income. In order to improve donation income, the foundation should strengthen information disclosure and expand communication and publicity channels, maintain a balanced growth and revenue model as well as sustainable development, innovate governance system and make sure policies be conscientiously implemented.