This publication frames the most pressing challenges currently facing colleges and universities--those that influence how each institution operates and that demand the board's strategic oversight and vision. The ability of a governing board to deal effectively with these issues can have a major impact on an institution's success: (1) Educational Quality; (2) Financial Stability; (3) Freedom of Speech; (4) Innovation; (5) Presidential Leadership; and (6) Relevance. Framing questions are included to help guide board discussion of the issues and how they affect individual institutions.