ARCS is governed by a Board of Trustees exercising all powers of the corporation. The current members of the Board are:

Professor Glenn Bugh, Virginia Polytechnic Institute and State University
Professor Kevin Clinton, Cornell University
Dr. Nora Dimitrova, Director of the United States office of ARCS
Mr. Philip Dimitrov, former Prime Minister of Bulgaria and Ambassador of Bulgaria to the United States
Professor Elizabeth Gebhard, University of Illinois at Chicago
Professor Bogomil Gerganov, Pacific Lutheran University
Mr. James Pardew, former Ambassador of the United States to Bulgaria
Professor Lynn E. Roller, University of California at Davis
Professor Julia Stefanova, Fulbright Commission in Bulgaria
Mr. Gligor Tashkovich, Minister for Foreign Investment, Republic of Macedonia