As a nationwide co-op system organized on a democratic basis, NP is governed by a board of directors empowered to make all decisions regarding NP corporate affairs. Board level decisions include the purchase, renovation and sale of property; budget approval; and policy setting, among others. The board also monitors the financial performance and management of NP and its leasing co-ops and takes actions when necessary.

The board is representative of the organizations with which NP works closely. Each NP member co-op elects one NP board member, NASCO appoints one member, and three come from NASCO Development Services (a.k.a. the Campus Cooperative Development Corporation). In addition, there are representatives from cooperatives which NP does not own, but for which the board provides direction (as of 2006, the Davis Campus Cooperatives (a.k.a. Pacifico) is in this category).

It should be mentioned that as a closely held affiliate of NASCO, the board of NP is actually appointed by the NASCO board, and the representatives from each group are actually nominated rather than appointed. However, the NASCO board has established a negative check-off system, which means that appointments stand unless vetoed by the NASCO board.