On May 30, 2023, the Fund was incorporated as a trust under the Charitable Trusts Act of the Solomon Islands by the Community Benefit Sharing Association represented by an interim Board made of representatives of the Bahomea and Malango community. The Fund governance is described in the Constitution of the Association and consists of a governing body (board of trustees), a lean executive office (the Fund Management Office- FMO) that includes a fund manager, a finance officer, and a secretary. 

A community advisory committee (CAC) is also foreseen to help the communities prepare projects’ concept notes and submit them to the FMO for funding approval. It would support the development of all the systems and procedures required for the FMO to function as an independent non-profit organization (as established under the Charitable Trusts Act). This would include the development and documentation of systems for planning, financial management, auditing, administration, staffing, procurement of goods and services, reporting, communications, etc. The component consists of two sub-components: Component 1(a): Institutional Support to the CBSF and Component 1(b): Community Sub-projects.