The Foundation is governed by a Board of Directors consisting of the two Ambassadors, a senior government official from each country, and sixteen volunteer members, each serving a three-year term (renewable once). Ten members are citizens of the United States and appointed by the US Ambassador to Canada, and ten are Canadian citizens appointed by the Canadian Minister of Foreign Affairs. The activities, powers, duties, and responsibilities of the board are determined by the treaty that created the Foundation and by the Foundation's bylaws.
The Board meets twice a year, rotating between locations in the two countries. The board has an executive committee, which oversees the board's regular operations, and several standing committees, including, inter alia, a finance committee, a fundraising committee, an academic committee, a board governance committee, and an audit committee.