The First Nation-owned and -operated college was founded in October 1984, by the Dakota Ojibway Tribal Council.

[1] Yellowquill University College currently operates under the auspices of the Dakota Ojibway Tribal Council.

[1] The eight chiefs of the member bands serve as the board of directors for Yellowquill University College.

The college is incorporated both federally and provincially[clarification needed] and is a non-profit organization.

Yellowquill College was originally located in the former Portage la Prairie Presbyterian Indian Residential school building on Crescent Road West in Portage la Prairie.