The Rainy Lake Conservancy is a volunteer organization without paid staff. The Board of Directors has a maximum size of 18 members comprised of both seasonal and year-round residents of the watershed. The board is responsible for the Conservancy's decision-making, for the annual budget, and for direction concerning projects and initiatives. Executive officers, working with the committees they chair, perform much of the day-to-day work of the Conservancy under the direction of the board.
 
The membership of the Conservancy remains stable at 175-185 individual, family and corporate memberships. One of the Conservancy's goals is to increase membership; new members are always welcome.
 
Funding is provided by annual memberships, cash donations, and grants. Financial reports are available midsummer at the annual general meeting.