The James Madison University Foundation is a non-profit corporation led by an independent volunteer board of up to twenty-six members. The trustees are often alumni, although they are not required to be a graduate of the university. Trustees come from diverse backgrounds, professions, and geographic locations, but they are unified in their commitment to the foundation and James Madison University. Two trustees are ex-officio members by virtue of their offices with the University, and three are adjunct, non-voting members as staff officers of the foundation. Up to twenty-one trustees are elected to membership and serve three year terms with the ability to serve up to three consecutive terms. Although foundation committees meet on an "as needed” basis, the Board of Trustees typically meets three times each year.

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