The SMIF is governed by an Advisory Board comprised of highly successful executive level practitioners in the field of investments. Advisory Board members include Barry University Board of Trustees members, Barry University Alumni and distinguished members of the business community, as well as Barry University administrators and faculty.

The responsibilities of the Advisory Board include the overseeing of all SMIF operations, investment strategies and policies, especially the SMIF portfolio of securities. The Advisory Board is also charged with the duty of voting to approve or reject proposals pertaining to changes in structure and operations of the SMIF. When voting to approve or reject an investment proposal, each vote will count as equal.

Advisory Board members provide guidance to student managers by suggesting investment themes, approving proposed portfolio strategies, or proposed changes to the investment policy statement that specifies the guidelines under which student fund managers operate the Fund.