[5] The township is governed by a three-member board of trustees, who are elected in November of odd-numbered years to a four-year term beginning on the following January 1.

There is also an elected township fiscal officer,[6] who serves a four-year term beginning on April 1 of the year after the election, which is held in November of the year before the presidential election.

Waterloo Township includes the entirety of the Waterloo Wildlife Research Station, the Waterloo State Forest, and a significant portion of the Zaleski State Forest.

The Moonville Rail-Trail originates in Mineral within the township.

Points of interest in the township include "Devils Tea-Table", a geological pillar formation on private land; the King Switch Tunnel, a timber tunnel on the Moonville Rail-Trail; a small natural bridge on Biddyville Road; and the county's largest beaver pond, also on Biddyville Road.