Commonwealth Terrace Cooperative is managed by all the members living in the Community, the ultimate authority rests with the membership as a group. Members manage the cooperative community through the Board of Directors, which is annually elected and legally responsible for the activities of the corporation. The community is divided into 14 wards according to the buildings' location, each ward then elect one representative to the Board of Directors.

The Board assumes complete responsibility for the administration and maintenance of the buildings. It hears and approves financial reports. It makes all policy decisions and approves the annual budget. It is the "court of last resort" for conflicts unresolved by committees or the management.