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.

There are seven 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, the Treasurer, and two Executive Vice Presidents.

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 four standing committees - Executive, Advancement, Investment, and Audit - meet several times throughout the year.