WELBIO is a non-profit organisation managed by a Governing Board, consisting of representatives from academics, industry and government. The General manager is responsible for the day-to-day operations of WELBIO.
A Scientific Commission composed of internationally renowned experts in the domains of life sciences, is established for the evaluation of projects submitted for WELBIO funding.
Since 2013, WELBIO joined the Fund for Strategic Fundamental Research (FRFS) as Wallonia's strategic axis for life sciences. The FRFS is a fund associated to the FNRS and was founded by the Walloon Government decree of 17 July 2013. The FNRS implements the FRFS’ missions. The Walloon Government has given the FNRS the responsibility of managing administratively and financially calls for projects.
By the decree of 13 February 2014, based on the cooperation agreement of 04 December 2012, the Walloon and Wallonia-Brussels Federation Governments guaranteed WELBIO an annual budget of €6 million.