The Foundation is a body within The University of Sydney and is accountable to the Senate. It has a governing Constitution that is based on a University model but adapted in consultation with the Members and approved by the Senate.

The Foundation is managed by a Council which has 12 elected representatives of the Australian community and ex officio appointees of the University. Elections for Council Members are held at the Annual General Meeting (AGM). Nominees elected by the Members of the Foundation are referred to the Senate for endorsement and appointment to the Council.

The office bearers of the Council are the President, two Vice Presidents, the Treasurer and the Secretary. Office bearers are elected by the Council at the first meeting following the AGM. The Council meets at least six times per year of more frequently if required. The Council has established three sub-committees (Academic, Finance and Marketing) to develop policies and manage the implementation of plans.

Members of the Foundation are appointed by the Council. Membership is open to all the community. Members are kept informed of Foundation activities; have the opportunity to participate in academic, social and other activities aimed at advancing the aims of the Foundation; and can attend the Annual Meeting and other Special Meetings of Members, and elect members to the Council.

The Foundation is self supporting. Membership fees, fund raising events and donations provide the funds. The University provides some administrative support. Membership fees are inclusive of GST. Donations to the Foundation and Membership fees are tax deductible.