This monograph, directed to trustees and board members of independent colleges and universities, is intended to offer basic information about board and trustee responsibility; to highlight the principles of board and trustee membership; to help members keep themselves, the board, and their institution out of trouble; and to provide information on resources and assistance available to board members. The text addresses issues such as: the reasons for having voluntary governing boards; the responsibilities of the governing board; responsibilities of the individual trustee; what makes an academy distinctive; how to distinguish between setting policy and managing; what a board typically expects of the chief executive; what the chief executive typically expects of the board members; how a board goes about accompanying its work; and student and faculty trusteeship. Appendixes provide sample statements of board members' responsibilities; a list of suggested resources; a description of the Association of Governing Boards (AGB), and descriptions of programs and services offered by the AGB. (CH)