MDFB was created by statute (100.250 to 100.297 and 100.700 to 100.850) in 1982 as a body corporate and politic.

MDFB has seven employees and is comprised of twelve (12) voting members.  Eight (8) are volunteer members appointed by the Governor and confirmed by the Senate. The Lieutenant Governor and Directors of the Departments of Economic Development, Agriculture and Natural Resources serve as ex-officio voting members.