In 1992, a Romanian academic group took the initiative to set up the Black Sea University Foundation, a non-political and non-profit organisation.

The experience gained in 1991 and 1992 by its founders, following the organisation of five European summer schools with the support and collaboration of Bruges European College, helped consolidate the Foundation's training and life-long education dimension. BSUF also developed a research dimension, through its various centres:

BSU educational activity focused on training young researchers, economists, managers, teachers or professionals through post-graduate summer courses held in various Black Sea resorts. Around 40 courses were organized with an yearly attendance of about 1,000 participants from more than 42 countries, especially from the Black Sea area and South Eastern Europe.

In 1999 BSUF received the special Consultative Status with the Economic and Social Council of the United Nations.