One of the particular gifts in history for the present generation, is the increasingly large opportunity afforded to universities and corporations to be mutually supportive, not exploitative, of one another. As the federal Sarbanes-Oxley Act of 2002 has imposed new challenges on management of all stripes, this anti-corporate-fraud law also has created and encouraged a model of best practices, of financial responsibility, and of the proper duty of authority that pertains both to paid corporate boards and to volunteer higher education boards. Although the law actually applies only to corporate boards, over time the governance practices of corporations and higher education institutions are likely to become more closely aligned, mostly through voluntary efforts of governing boards to conform to the model presented by Sarbanes-Oxley. This already is occurring. By the same token, this law also has made it mainstream in corporate culture to adopt a model of transparent governance more commonly found in colleges or universities. These developments have fostered an increasingly close partnership between business and higher education.