A long-term decline in state-government funding and an increase in funds from other sources are creating the need for broader types of expertise on boards of public universities. Public universities are becoming increasingly market-driven and consequently must deal with a broader base of stakeholders. As a result of these changes, public boards may require more flexible governance structures that allow them to involve representatives from all their stakeholder groups. This article discusses the need for new expertise among the trustees and regents as public universities' sources of revenue diversify. Two examples of diverse board membership aiding financial strength are presented. A list of guidance concerning best practices on public-board selection is also presented. (Contains 2 figures.)