An Electric Cooperative is an incorporated, locally-owned, private, non-profit enterprise, democratically organized by a group of people supplying electricity to its members at the lowest possible cost. Neither NEA nor the government own and control it. However, NEA finances the cooperative through loans and it has supervisory and regulatory powers over it. The members at large elect directors, and as a board body, hires a professional manager that shall be responsible to them for co-op management.

NEA assists the management on a need basis. The assistance diminishes as the cooperative management becomes more experienced and independent. In accordance with the Co-op By-Laws, policies of the cooperative are defined by the Board of Directors. The LEYECO V Board of Director is composed of eight (8) members representing the entire coverage area which is divided into eight (8) representative districts. The officers of the board are; President, 1st Vice-President, 2nd Vice-President, Secretary, Treasurer, and an Auditor.

The Board sees to it that the system is properly run and that policies adopted are carried out. While the Board is responsible to the members for the management of the co-op, it delegates the day-to-day management to the General Manager. The Board should direct through adopted policies what the manager should manage.