Lithuanian Foundation members convene at the LF Annual Members Meeting to hear and approve annual reports, to vote on various issues, and to elect  one-third of the Board of Directors to a three-year term.

The 15-member Board of Directors governs the Foundation between annual meetings. The Board elects its Chairman and Secretary and forms special task committees. Standing committees of the Board include the Finance, By-laws, Grants, and Honorary Committees.

The Board elects the President and confirms the Officers who manage the day-to-day operations of the Foundation.

The awarding of LF grants and scholarships is the responsibility of the Grants Commission. The Board appoints three of six members to the Grants Commission and the remaining three are designated by the Lithuanian American Community, Inc. (LAC). The Grants Commission chair is an LF Director. The Grants Commission reviews applications and makes award decisions by majority vote.

The Scholarship Subcommittee evaluates scholarship applications and recommends scholarship recipients to the Grants Commission.