The Virginia Tech Foundation is governed by a 35 member Board of Directors and 4 ex-officio positions: the President of Virginia Tech, the Rector of the Board of Visitors, the President of the VT Alumni Association, and the President of the Virginia Tech Athletic Fund.

Each member serves a three year term, and they may serve two consecutive terms. The seats are self perpetuating through a nominating committee made up of departing board members. The full board meets annually in the fall of each year, while the four standing committees, Executive, Development, Investment and Audit, meet several times throughout the year.

There are four officers of the Board of Directors which include the Chair, which is elected by the Board, the Vice President for Advancement, the Vice President for Finance and the Chief Executive Officer of the foundation.