The American institution of Academic Boards of Trustees is examined, with attention to their operation and conduct; their importance to the effective functioning of American higher education; whether their roles are subject to erosion over time; and their relationship to the college presidency. The analysis is based partially on interviews conducted in previous Association of Governing Boards of Universities and Colleges (AGB) studies on the college presidency, and returned survey responses (N=1,400) on board operations from board chairs, presidents and heads of campus faculty organizations who were serving in 1987. The monograph covers various aspects of the operations of the boards of trustees, including their functions, their historical development, and trends. A number of evaluations are made, major problem areas are identified (such as drawing the line between what the board does and what the president and other administrators do) and 22 recommendations are advanced. The appendixes include the following items: (1) a list of participants; (2) the questionnaire itself; (3) various documentation, including reports relating to the board of trustees; and (4) a 12-page annotated bibliography. (LPT)