Unlike most businesses, universities are both capital-and labor-intensive; yet contrary to standard business practice, they wring the most use and value out of their plants and payrolls for fewer than seven months a year. University presidents may appear to be very much like chief executive officers, but their powers to change course--or even a course or two--are limited by the bedrock principles of academic freedom and shared governance, which give power to deans, department chairs, and tenured faculty. New trustees are often amazed at the sheer number of courses, majors, and programs typically offered by a university. In this article, the author expresses his views on the two bottom lines that universities should have their eyes on: (1) finances; and (2) mission, and discusses the various functions of higher education.