Members of the Board also advise the Librarian of Congress on ongoing development and implementation of the national film preservation plan.

[1] Explicitly it is composed of up to 5 "at-large" members (with 5 alternates) and 17 member/alternate pairs from the following 18 organizations:[2] The National Film Preservation Foundation was created by the U.S. Congress in 1996, at the recommendation of the Library of Congress, following four years of hearings and research conducted by the National Film Preservation Board.

The National Film Preservation Act of 1996 (Public Law 104–285, Title II), signed into law on October 11, 1996 by President Bill Clinton, charged the NFPF to "encourage, accept, and administer private gifts to promote and ensure the preservation and public accessibility of the nation's film heritage" and authorized federal funds to advance this work.

The NFPF started operations a year later in 1997 as an independent federally chartered grant-giving public charity and the nonprofit charitable affiliate of the Library of Congress's National Film Preservation Board.

Funding received through the NFPF's authorization is secured through the Library of Congress and goes directly to the field for film preservation projects.