The Council on Foreign Relations (CFR) is an independent non-profit foundation based in New York, New York. Established in 1921, the foundation serves its members, government officials, business executives, journalists, educators and students, civic and religious leaders and other interested citizens in order to help them better understand the world and the foreign policy choices facing the United States and other countries. The assets of the foundation are managed by the board of directors.The Council on Foreign Relations' investment portfolio is valued at $509.48 million, with investments in domestic and international equity, real assets & natural resources, private equity, hedge funds, and cash.