The goal of the Foundation, as was put forward by Emile Francqui, is to promote scientific activity at Belgian universities.
The money for the foundation came from the remaining funds from the Commission for Relief in Belgium (CRB) and the National Committee for Help and Food.
The help to the Belgian people during World War I had been organized by Herbert Hoover and Emile Francqui On 28 August 1919, Herbert Hoover proposed to Emile Francqui, President of the National Committee for Help and Food, and to Léon Delacroix, Prime Minister of Belgium, to use the funds, roughly 150 million Belgian francs, to support university education.
The building is located in Brussels (Rue d'Egmont 11) also houses a club, a hotel and a restaurant.
There are other institutions located on the premises of the University Foundation like the Belgian American Educational Foundation (BAEF), the Olivaint Conference of Belgium, the Coimbra Group, UNICA, the Organisation of European Cancer Institutes (OECI), and the European Nuclear Education Network.