Bifröst University is a private, non-profit organization. The Board of the University is composed of five members. One is appointed by the Minister of Education, one is appointed by the university's alumni association, one is appointed by the University Council, and two are appointed by the Confederation of Icelandic Employers. An alternate member is appointed for each principal member in the same manner.

The Board of Governors of the University is responsible for the control and supervision of all university affairs, assets and operations, in consultation with the Rector. The Board appoints the Rector and the selection committees for appointments and promotions of teachers. The Board approves the university's budget and annual accounts and takes measures to ensure necessary operating capital. The Rector attends meetings of the Board of Governors with the freedom to speak and submit motions. Other parties may attend at the discretion of the Board.

The Rector is responsible to the Board of Governors for the supervision of all the activities and affairs of the University. The rector represents the University in dealings with employees, students and any third parties.

The University Council is the supreme authority in the internal affairs of the academic community. The University Council is composed of the Rector, the Vice-Rector, the Faculty Deans, the Registrar, one representative of the permanent teaching staff of each University faculty, one representative of the other staff of the University, one student representative from each faculty, one representative from among the master's students, and the Chairman of the Students' Association. One alternate member is elected for each principal member.

The Financial Manager, Housing Manager and the residents' interests representative have the right to attend meetings of the University Council and to speak and make proposals, but do not have voting rights.

The University Council decides on matters concerning academic affairs, training, study requirements and research, and procedures and communications within the university.