Financial Responsibilities of Governing Boards.

This completely redone edition is meant to be a primer on the financial responsibilities of trustees of colleges and universities and on complex trends and issues bearing on the responsibilities of governing boards. Trustees must deal with a complex blend of competing values, evolving information, and challenging analyses while taking into account the academic cultures of their institutions and the context of higher education. They must understand the basics of the financial condition of the institution and should approach their financial responsibilities with common sense. Trustees of a college or university have a responsibility to think like owners, considering the interests of all stakeholders, even those not yet born. Guidelines for particular areas are presented in these chapters: (1) "Understanding Fiduciary Responsibilities"; (2) "Conducting a Workable Budgeting Process"; (3) "Setting Tuition"; (4) "Managing the Endowment"; (5) "Managing Human Resources"; (6) "Setting Capital Budgets and Financing Debt"; (7) "Containing Costs"; (8) "Building Trust and Transparency through the Audit Process"; and (9) "Pulling It All Together." Each chapter contains a list of recommended readings. (SLD)