The powers of the Kansas Development Finance Authority are vested by statute in a five-member Board of Directors who are appointed by the Governor to staggered four-year terms of office, subject to confirmation by the Kansas Senate. At least three of the appointed members must be representative of the general public, and not more than three of the five Board members can be of the same political party.

The Governor designates the Chairman and Vice-Chairman of the Authority, and appoints a President who serves at the will of the Governor. The President of KDFA is given the authority to appoint and employ such additional officers, accountants, financial advisors or experts, bond counsel or other attorneys, agents and employees and determine their qualifications and set their duties and compensation, subject to the approval of the Board of Directors. The President also serves as a sixth, non-voting, ex-officio member of the Board of Directors. Board members serve until their successors are appointed by the Governor and confirmed by the State Senate. Board meetings are typically held on the first Tuesday of each month at 9:00 a.m. in the KDFA board room.  If the first Tuesday is a holiday, the meeting is held on the second Tuesday.