The foundation is composed of all members entitled to vote in Grand Lodge, with responsibility for the management of its business entrusted to a board of Trustees. These are the Grand Master and Grand Secretary, during their term of office, and three others elected from the membership of Grand Lodge for staggered three year terms.

The Tax Reform Act of 1969 and subsequent amendments as passed by Congress places strict guidelines on the operation and distribution of income of public and private Foundations. The regulations, as promulgated by the Internal Revenue Service, require that income be distributed only to qualified non-profit, tax exempt organizations for philanthropic, charitable, or educational purposes.  It is a Non-profit, tax exempt Corporation, under the Internal Revenue Code 501(c)3.