The correct spelling of the word "hath foundation" is "has foundation". The word "hath" is an old English word meaning "has" and is no longer commonly used. The pronunciation of "has" is /hæz/ in IPA phonetic transcription. The word "foundation" is pronounced /faʊnˈdeɪʃən/ in IPA phonetic transcription. So, the correct spelling of the phrase is "has foundation" and it is pronounced /hæz faʊnˈdeɪʃən/.