The Research Foundation Board of Trustees consists of not less than six (6) nor more than twenty (20) persons. The ex-officio Trustee is the President of Old Dominion University who nominates four Class A Trustees. The University representatives serve a term of one-year upon approval. The remaining Trustees are called Class B Trustees. These external volunteers are appointed for up to three (3), three-year renewable terms.

The Board of Trustees holds meetings in June, October, January and March (annual meeting) of each year. These meetings are open to the University community. Meetings of the Executive Committee are scheduled during the months in which the full Board does not meet.