Operating under Internal Revenue Service rules as a private foundation, The Frist Foundation is governed by its board of directors:
- Thomas F. Frist Jr., Chairman, The Frist Foundation and
Chairman Emeritus, HCA Holdings, Inc.
- Peter F. Bird Jr., President and Chief Executive Officer, The Frist Foundation
- Frank F. Drowota III, Retired Chief Justice,
Tennessee Supreme Court
- Patricia Frist Elcan
- Patricia C. Frist, Board Member, Ensworth School.
- Thomas F. Frist III, Principal, Frist Capital, LLC
- William R. Frist, Principal, Frist Capital, LLC
- Kenneth L. Roberts, President Emeritus, The Frist Foundation