Fornleifastofnun Íslands (Institute of archaeology, Iceland)  is an independent charity governed by statutes (Stj.tíð. 1995, B 62-65, nr. 396) in accordance with the Funds and Institutions Act nr. 19/1988. The statutes were confirmed by the Ministry of Justice on 7 July 1995. That year, activities started formally, but the Institute took over various researches run by the founders of the institute ever since 1989.

On the board of directors are: Adolf Friðriksson (Chairman), Garðar Guðmundsson, Gavin Lucas, Orri Vésteinsson and Mjöll Snæsdóttir.