The board is governed by the Indiana Code, which determines how trustees are elected or appointed, how they are reimbursed for expenses, and whether they can participate in meetings electronically. The code also establishes quorums, provides for bylaws, and sets residency requirements. The range of responsibilities assigned to trustees by state law includes:
- The power to set tuition and fees and requirements to hold public hearings on same
- The power to prescribe curricula
- The power to enter into agreements with governmental units and other educational units
- The power to determine admission standards for all students
- The power to buy, sell, lease and determine the use of property
- The power to invest funds
- The power to award financial aid
- The power to appoint a president and other executives
- The power to hire faculty and to approve its promotion and tenure
- The power to determine codes of conduct for students, faculty and staff, and to prescribe disciplinary measures when codes of conduct are violated