The Virginia Tech Foundation is governed by a twenty (20) to thirty-five (35) member Board of Directors and four ex-officio positions. Those ex-officio positions include 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. Three additional positions from Virginia Tech serve as ex-officio directors and include the Executive Vice President and Chief Operating Officer, the Senior Vice President for Advancement, and the Vice President for Campus Planning, Infrastructure, and Facilities.

There are five officers of the Foundation, including the Chair and Vice Chair of the Board of Directors, both of whom are elected members of the Board of Directors. Other Foundation officers include the Chief Executive Officer, the Secretary, and the Treasurer.

Each board member serves a three-year term and may serve two consecutive terms. The seats are self-perpetuating through a nominating committee consisting of departing board members. The full board meets annually in the fall of each year, while the seven standing committees - Executive, Audit, Advancement, Compensation, Investment, Nominating, and Real Estate- meet several times throughout the year.