The governance of Lake Ashton is shared by two Community Development Districts (CDDs) and two Homeowners Associations (HOAs). Each CDD owns and is responsible for its activities, amenities and infrastructure (roads, ponds, bridges, cart paths, and stormwater drainage). The HOAs owns no property and are responsible for the Covenants and Architectural Guidelines which govern the use of homeowners' property.
Since Lake Ashton straddles two cities, there is a CDD and HOA for Lake Wales (sometimes referred to as ‘East’) and a CDD and HOA for Winter Haven (sometimes referred to as ‘West’ or Lake Ashton II). In addition, the Palms of Ashton Condominium Association exists within Lake Wales section of Lake Ashton, resulting in five distinct governing boards within what is collectively called "Lake Ashton."