The foundation was incorporated in 1979 and adopted as a District 24-A project by the District Governor's Cabinet in 1980. The VLEI operates as a separate entity with the co-sponsorship of the Inova Health System. It is governed by a Board of Directors representing the Lions Clubs of District 
24-A, community ophthalmologists, and the Inova Health Systems Foundation. The VLEI funds are used for the purchase of equipment, community education, scholarships, and clinical research. Equipment can be placed in not-for-profit hospitals anywhere in District 24-A.