Rannís oversees the main competitive funds in the fields of research and innovation, education, and culture in Iceland, as well as EU cooperation programmes and Nordic programmes that provide grants for collaborative projects, studies, and training.

Rannís is divided into two professional divisions that manage funds and programmes based on target groups; the Research and Innovation Division and the Education and Culture Division. Across these divisions are the Division of Administration which deals with daily management of the organisation, and the Analysis and IT Division which manages the Rannís application system.

The communication network is extensive, and schools, institutions, individuals, companies, and public administration belong to the client base of Rannís.
Rannís operates under the auspices of the Ministry of Culture, Innovation and Higher Education on the basis of the Act on Public Support for Research no. 3/2003.