This article examines the factors that influence presidents' perceptions of board effectiveness in relation to their boards' fundraising role. Data from a survey of small college presidents are used to see what factors influence each of four areas of satisfaction: deciding policy, making financial contributions, referring donor prospects and soliciting donors. Presidents are more satisfied when the boards have received training, there is a fundraising committee, the president is skilled at fundraising, the board has more female members, the college has recently conducted a capital campaign and it is difficult to recruit good trustees. The findings suggest that presidents and fundraisers should encourage boards to receive training in fundraising and should encourage boards to have a development committee. Other factors that influence satisfaction are amenable to presidential intervention, but not fundraiser intervention, such as presidential skill in fundraising and the gender composition of the board. Presidents can seek out training and work to develop their own fundraising skills, benefiting not only the board's performance but their own.