In 1914, the Associated Students of the State College of Washington funded a bookstore operation with $2,000 and bought out the textbook stock of G.N. Watt and school supply stock of H.S. Groat. In July, 1914 the "Students Book Store" was incorporated under the laws of the state of Washington.

By 1923, the original Articles of Incorporation were deemed defective and the "Students Book Corporation" was incorporated. The store prospered and grew, but there was some concern over insuring the corporations continuity. Therefore, in 1947, the capital stock owned by the Associated Students was placed in trust with the Regents of Washington State University. That trust reads in part:

"The trustee (the Board of Regents of the University) shall exercise all incidents of ownership of this stock for the welfare and best interest of the students of Washington State University."

The governing body of the corporation is a Board of Directors. This board consists of five students, two faculty, and two representatives of the WSU administration. The term of office for all directors is two years. Student Directors are elected in April predating the first semester they will serve and Faculty and Administrative Directors are appointed through the Presidents Office. Once elected and appointed, Directors are then confirmed by the Trustees during their annual meeting.

The Board of Directors establishes corporate policy. A General Manager was hired to review the affairs of the corporation to insure it's perpetuity. The General Manager was responsible to the Board of Directors and developed operational policy within the framework of the Board policies. In 2004, Barnes & Noble College Booksellers, Inc. was contracted to manage the Students Book Corporation stores by the Board of Directors.