The ownership, control and management of the waters of Weatherby Lake, the lake bed, dam, access areas and certain other facilities of the lake are vested in a non-profit company known as the Weatherby Lake Improvement Company (W.L.I.C.).  The Board of Directors are property owners and are elected by all the property owners at a membership meeting.

The W.L.I.C. is a separate entity from the City of Weatherby Lake and has no connection with the functions of the city, such as roads, grinder pumps/sewer issues, city parks, traffic, building plans, vehicle stickers, pet tags, storage lot, etc.

The Board of Directors manages the lake and 19 common access areas.  Several access areas have W.L.I.C. courtesy docks, which can be used by members for fishing and swimming.  C-Point and W-1 access areas have picnic tables and shelters which can be reserved by members.