Wolfensohn was a trustee of the Rockefeller Foundation, and also served as an honorary trustee of the Brookings Institution. He was a trustee and past chairman of the board of trustees of the Institute for Advanced Study in Princeton, New Jersey. He was chairman emeritus of the John F. Kennedy Center for the Performing Arts in Washington, D.C. and also of the Carnegie Hall in New York City. He was a member of the non-profit think tank the Council on Foreign Relations. In July 2008, Wolfensohn was selected as one of the inaugural fellows of the Australian Institute of International Affairs. He served on the board of various charitable foundations, including the Wolfensohn Family Foundation.