The Central Park Conservancy was founded in 1980 by a group of dedicated civic philanthropic leaders. They were determined to end Central Park's dramatic decline of the 1970s restore it to its former splendor as America's first foremost major urban public space, as envisioned by its 19th-century designers, Frederick Law Olmsted Calvert Vaux. Today, the Conservancy's mission is to restore, manage, preserve Central Park, in partnership with the public, for the enjoyment of present future generations.

In 1998, the Conservancy the City of New York signed a management agreement formalizing their then 18-year public-private partnership. The relationship was reaffirmed in 2006 when the agreement was renewed for an additional eight years. As the official manager of Central Park, the Conservancy is responsible for the day-to-day maintenance operation of the Park. Presently, 80 percent of the Park's maintenance operations staff is employed by the Conservancy, which provides 85 percent of Central Park's $25 million annual budget through its fundraising investment revenue. The City, in addition to the annual fee to the Conservancy for services it provides, funds lighting maintenance of the Park drives enforcement. The New York City Department of Parks & Recreation retains policy control, has discretion over all user permits events in the Park and also provides 20 percent of the field staff.