The Serpentine Society is governed by a board of directors of University alumni and is a self-nominating board of directors, each serving a 3-year term. Presently, there are 10 directors and the board is fully constituted at 15.

The organization is governed by its Articles of Incorporation, as amended, along with its Bylaws. The board has four standing committees: Executive, Finance, Membership and Student Affairs. Also, there are three ad-hoc committees: Board Development, Events and LGBTQ Studies. Each standing committee is governed by its committee charter.

Annually, the board has 11 monthly conference calls scheduled on the 2nd Monday of each month. The 4-person Executive Committee has monthly conference calls on the 1st Monday of each month. Often, guests are invited to join the board call. Over the past six months, guests have included faculty members, Alumni Hall directors, development officers, and student leaders representing both LGBTQ and allied organizations.

Depending on the season, the upcoming event calendar and the amount of business at hand, these committees may meet once or twice, usually monthly or bimonthly, and committee reports are included in the agenda of every Board of Directors meeting.