It was founded in 1959, to enhance national strengths in science and technology (in the United States) and to foster strong Franco-American cooperation.

[2] The foundation supports research projects, science education, key scientific policy issues, and others.

The Foundation generally provides seed money or partial support, rarely renews grants for continuing activities, does not normally fund endowments or capital equipment, and aims to achieve high impact by funding novel projects and forward-looking leaders.

The foundation takes a special interest in cooperative activities between French and American scholars.

[13] A prospective Lounsbery grant in late 2004 accelerated Wikimedia to get US Internal Revenue Service approval as an educational foundation in April 2005.