A policy statement on the president and governing board developed by the Committee on Policies and Purposes of the American Association of State Colleges and Universities (AASCU) is presented, and the roles, responsibilities, and relationships of the governing board and the college president are outlined. The role of the U.S. college or university president is central to the successful development of institutions of quality and stability. The roles of universities and colleges and of the governing board are also defined. Presidential responsibilities include the following: (1) direction of current and long-range planning; (2) development and maintenance of academic programs to achieve the institutions's mission and goals; (3) development and maintenance of an appropriate personnel system; and (4) representation of the university or college to relevant external constituencies. Relations between the board and the president should reflect mutual respect and confidence at all times. Board/president relationships should include direct access to the governing board, governing board requests for the president's advice and recommendations on all matters, and presidential authority to recommend personnel actions subject to contractual and legal limitations. (SM)