The institute is a non-profit organization founded by the four universities which now participate in it (Concordia, McGill, Université de Montréal, Université du Québec à Montréal), as well as the École Polytechnique which was an affiliated member until 1995-96.
The administrative structure of the ISM comprises:
The director is in charge of the day-to-day functioning of the ISM. He/She is nominated for a three year non-renewable mandate by the chairs of the mathematics and statistics departments who submit his/her candidacy to the council. In exceptional cases, the chairs can propose to the council that the mandate be prolonged by one year. The candidate must be an active researcher working at one of the universities affiliated with the ISM. The director must be relieved of half of his/her teaching load. The affiliation of the director must change with each nomination. The person nominated by the departmental chairs will be the "Director designate" between the time of his/her nomination and the beginning of his/her mandate as director.
If the steering committee judges that the director will be unable to perform his/her duties for at least a month, it can designate a replacement until the return of the director or until the council appoints a replacement. The interim director can be affiliated with the same institution as the director being replaced, but his/her mandate will not exceed that of the previous director. The council can at any time request the resignation of the director if it is judged that he/she is not fulfilling his/her duties in a satisfactory manner.
The steering committee is renewed every year on July 1st.
The committee is composed of the following members:
The quorum is five voting members.
In agreement with the director, the committee:
The administrative council oversees the functioning of the ISM and approves the programmes and the budget. The council is made up of the vice-rector or vice-principal (academic) of each university or of their representatives, and the presidency is assumed by the member from the host university. The president convenes the council meetings. The director and the departmental chairs are usually invited to the council meetings, but they do not have the right to vote. Quorum is three members.
The financial management of the institute is assured by the host university in accordance with its rules and habitual practices. The director prepares the budget with the assistance of the steering committee and submits it for approval to the council. This budget is reproduced in the annual report which states the real expenditures and revenues for the university year; the tentative budget for the following year is also included in the annual report. The director can, at his/her discretion, increase or decrease the tentative budget by 10%.