Created in a time of segregation and discrimination to educate students of color, Historically Black Colleges and Universities (HBCUs) have played a pivotal role in transforming the landscape of higher education in the United States. Today, in an era of rapid transformation, HBCUs face historic challenges as well as new obstacles. Questions about sustainability, cost, quality, and mission are among many of the perennial issues that will require greater attention and creative approaches and solutions from governing boards and presidents, now and into the future. The Association of Governing Boards of Universities and Colleges (AGB) knows that governing boards benefit when they have both a broad and focused understanding of the challenges their institutions face. And they benefit by putting those issues into a larger, national context. As a follow-up to AGB's "Top 10 Strategic Issues for Boards 2013-2014," this report sheds light on the most pressing strategic issues facing HBCUs. The paper draws on two sources: a survey of HBCU presidents and a gathering at AGB's 2014 National Conference on Trusteeship (NCT) with board members, presidents, and campus and system leaders from public and private HBCUs. The survey sought presidents' opinions on strategic issues both for their own institutions and for the larger HBCU community. The survey, which consisted primarily of open-ended questions, was sent electronically to 99 HBCU presidents. Twenty-four completed responses were submitted (a response rate of 24 percent), of which 54 percent were from private institutions and 45 percent were from public institutions. The report identifies seven pressing priorities for HBCUS. They include enrollment management, academic quality, infrastructure, federal and state policy, and governance and leadership. HBCUs are also very concerned about their financial viability, from sources of revenue to how they spend money. At the same time, ensuring student success--their very reason for existence--is a thread throughout the strategic priorities.