ARI began operations on February 1, 1985, three years after Rand's death, in Marina del Rey, California. The first board of directors included Snider and psychologist Edith Packer. Snider was also one of the founding donors for the organization along with educational entrepreneur Carl Barney. Its first executive director was Michael Berliner, who was previously the chairman of the Department of Social and Philosophical Foundations of Education at California State University, Northridge. ARI also established a board of governors, which initially included Harry Binswanger, Robert Hessen, Edwin Locke, Arthur Mode, George Reisman, Jay Snider, and Mary Ann Sures, with Peter Schwartz as its chairman. M. Northrup Buechner and George Walsh joined the board of advisors shortly thereafter.