Since the Foundation was established by the Library Council of New South Wales, it has contributed almost over $30 million in support to the State Library of NSW.
The Foundation's objectives are to:
Develop diversified income streams to provide sustainable financial assistance for the Library and its strategic goals. In particular it assists in the acquisition, preservation, interpretation and accessibility of the Library’s significant collections for the benefit of all.
In 2014, the Foundation celebrated its 25th anniversary.
The Foundation reports to two Boards: The Foundation Board and the Board of Trustees.