In this guide trustees and regents are given a description of the special nature of the task of trusteeship, as well as a convenient guide to critical areas of trustee responsibility. Discussion begins with the problems of academic trusteeship: differences in expectations among interested parties--faculty, students, donors, legislators, public officials, parents, alumni, and the press. These issues in governance are outlined: the college as a corporation, the special nature of the academy, policy-making versus administrative functions, the role of the governing board, evaluating trustee performance, attitudes and expectations confronting trustees, pitfalls in trusteeship, and the nature of the trust. Details of the board's operation are discussed: its organization, the need for audits of both financial and overall health of the institution, bylaws, the board meeting, the agenda, responsibilities between meetings, relationships with the college president, presidential evaluation, relationships with faculty and students, faculty and student membership on the board, and relationships with the public. The future of trusteeship is briefly discussed and suggestions are given for bylaws, self-evaluation of boards and board members, and further reading. (MSE)