The SREB, the nation’s first interstate compact for education, was founded in 1948 with 16 member states. It was founded to assist states in improving and sharing education resources. It is governed by a board that consists of the governors of the 16 member states and four additional members appointed by each governor—including at least one state legislator and one educator. It is supported by appropriations from its member states and by funds from private companies, foundations, and state and federal agencies. The Academic Common Market is one of its most popular programs.