The poor performance of boards of trustees, often a characteristic of the so-called "struggling institution," is identified as a symptom of trouble in institutions with financial problems. In scores of colleges studied, very few boards of trustees were found who met the standards of composition, organization and performance necessary for solution of basic institutional problems, including the financial crisis. Where boards have been strong, well organized and committed, the institutions, though facing financial pressures, still view the future with expectation of success and continued viability. Weak boards were found in institutions in deep trouble. Implications of these relationships are discussed. It is suggested that trustees as well as management must be held accountable for institutional performance. Possible legal actions, such as class action suits against trustees evidencing neglect are considered. Most of the problems of institutions focus primarily on one function of management--financial stability--but trustees also have ultimate responsibility for policies defining educational objectives, faculty support, and student cocurriculum. (LBH)