USISTF was established in 1995, to fund and administer projects mandated by the U.S.-Israel Science and Technology Commission (USISTC), a bilateral entity jointly established by the United States Department of Commerce and the Israel Ministry of Industry, Trade, and Labor in 1994 to foster scientific, technological, and economic cooperation between the United States and Israel. The Foundation is an independent 501(c)(3) nonprofit organization that receives funding to implement USISTC programs from the Government of the United States and the Government of Israel.