It was founded on 17 November 1991 as the institute of science researches which regularly organizes arrangements dealing with Baltic and Scandinavian cultural, historical and political contacts. Its main aims were to "develop versatile links of the lands and nations in the region of Baltoscandia and to integrate the culture of Lithuania into the cultural space of Baltoscandia".[7] The academy was liquidated at the end of 2009 because of funding-related problems. The funding was provided by the Panevėžys city municipality, but the functions of the academy did not meet the criteria of the functions of the mentioned municipality.