Board service is a privilege and an important responsibility. Governing boards are composed of accomplished people who share a responsibility to fulfill fiduciary obligations on behalf of shareholders, stakeholders, or the best interests of the institution served. Board members have a legal obligation to hold the organization in trust, though their titles, whom they serve, and their objectives vary.

There are significant differences between higher education governing boards and corporate or nonprofit boards. College and university trustees and affiliated foundation directors—especially those who also serve on a corporate board or have done so previously—must understand these differences.