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The establishment of the Fund is directly related to the Duke Konstanty Ostrogski, the Great Hetman of Lithuania and descendant of Russian Dukes, and namely to the project of restoration of his tombstone in the Cathedral of the Assumption of the Blessed Virgin Mary of Kiev Pechersk Monastery. It happened that the history of the Ostrogski family inspired us to name the foundation in their honour, for the purpose of the activity of foundation is restoration of the historical connection of the Ukrainian, Lithuanian and Polish nations within the limits of the Grand Duchy of Lithuania and Polish Crown, and later the Polish–Lithuanian Commonwealth.

The aim of the Fund determines its activities and consists of implementation of humanitarian, art and cultural projects, the projects which would reveal the common past formations of Ukraine, Lithuania and Poland for the sake of cooperation in the field of culture in the future.