The Board of Trustees of The New School is the governing body of the university as specified by the New York State Education Department and the bylaws of The New School. The Board and its committees meet regularly to consider matters relevant to the planning, operations, and welfare of the university and to make or approve policy for the university. Officers of The New School submit reports on their respective departments to the Board regularly, including reports from the deans of the academic divisions of The New School.

Upon the founding of The New School for Social Research in 1919 by Charles A. Beard and James Harvey Robinson, The Board of Trustees of The New School consisted of six women and six men, with Robinson serving as its informal head, with the understanding that he was to be “first among equals,” as Beard and Robinson opposed establishing a hierarchical leadership system for the school. The Board also included student representatives, one of whom, Clara Mayer, was appointed in 1924 and eventually became the school’s vice president from 1950 to 1961. In 1934, the Graduate Faculty of the New School for Social Research was granted a provisional charter to confer degrees on graduates by the New York State Board of Regents. By 1936, Alvin S. Johnson, director of the school since 1923, was formally appointed the first president of the school under its Board of Trustees. As of 2024, the current board chair is Linda E. Rappaport.

In 1994, which falls within the dates covered by this record group, the Office of Secretary of the Corporation of The New School, Robert A. Gates, described the responsibilities of the Board:

Among the main areas of ongoing attention in the work of the Board are academic and administrative personnel, academic and financial planning, and the University's role in the larger community. The Board considers and approves the contracts (not the substance) of appointments to the faculty and administrative appointments at the level of director and above. It considers and approves all major changes in the structure of the curriculum. It regularly reviews the financial condition of the University and conducts an in-depth examination of revenue and expenditure trajectories each year as part of the process of adopting the University's annual budget.

In addition to the areas which receive ongoing attention, the Board may decide to examine specific programs, departments, or any other aspect of University life, in complying with its responsibility to New York State for the operations of the University. On the basis of this responsibility, it considers and adopts policies and advisories that represent the official position of the University and, in some cases, are legally binding on students, faculty members and other University employees.

The Trustees represent the University informally in their professional communities, and they may be called upon to serve as ambassadors of the University in Albany, New York, in Washington, D.C., and internationally. They also play an active role in fund-raising on behalf of the University and its programs. Trustees are expected to contribute to the Annual Fund and to support the University with capital gifts, such as gifts to endowment for faculty positions, scholarships, research and funds to improve the physical plant.