The membership of the Foundation is composed of physicians representing each of the medical societies in Ontario, the Ontario Medical Association and six other persons appointed by the Board for their interest in the Foundation's activities. These six members and eight physician representatives of the medical societies form the Board of Directors. The management of the Foundation is vested in this Board. An Executive Committee acts for the Board when required between meetings of the Board.

The Foundation’s two standing committees, Finance and Grants, make recommendations to the Board on investment and granting policies respectively. Members of the Board comprise both committees, with additional invited members sitting on the Grants Committee to strengthen the granting program’s scientific rigour.

An Executive Director administers the Foundation’s program as approved by the Board of Directors.