The Arkansas State University Foundation is governed by a Board of Directors, which has the authority to exercise or delegate all of its powers and rights except to the extent limited by law. "At large" Board members are directors, elected on a rotating basis that carry three-year terms. In addition, the immediate past Chair, the Chair and Vice Chair of the Board of Directors shall serve ex-officio as voting members and the President of Arkansas State University System will serve ex-officio as a non-voting member.

Officers of the Foundation include the Chair, Vice-Chair, Secretary and Treasurer.

Standing committees identified in the Foundation Bylaws are as follows:

- Executive Committee:

This committee shall have and exercise the powers and authority of the Board of Directors in the management of the Foundation in compliance with the approved bylaws.

- Resource Development Committee:

This committee is responsible for nominating prospective directors of the Foundation at the annual meeting each year.

- Investment Committee:

Members of this committee represent the interest of the Foundation on the Joint Committee on University Investments.

- Audit Committee:

This committee shall provide advice and assistance to the Board of Directors relating to accounting and reporting practices, financial reports, internal control and compliance issues.