The Barack H. Obama Foundation has officially been formed to begin planning Obama’s future presidential library, its directors announced on Friday.

The foundation’s directors, long-time supporters of Obama, are Martin Nesbitt, J. Kevin Poorman and Julianna Smoot.

The library’s goal is to reflect Obama’s career in public service, “expanding economic opportunity, inspiring an ethic of American citizenship, and promoting peace, justice, and dignity throughout the world,” the foundation said in a statement Friday.

“I’m humbled and honored that President Obama has entrusted me to lead this effort,” Nesbitt said. “The President’s future library will one day serve as an important part of our nation’s historical record, and our mission is to build a library that tells President Obama’s remarkable story in an interactive way that will inspire future generations to become involved in public service.”