The financial and legal dimensions of trusteeship stem from the broader conception of trust that emphasizes trustees' responsibility to uphold and protect the integrity of the institution and its programs as a mission-centered institution of higher education. In accepting the mantle of trust, the board pledges the highest degree of responsibility to ensure the integration of athletics as a contributing element to the academic and educational mission. The AGB Intercollegiate Athletics Project was undertaken as a "gap analysis"--a process to gauge the extent to which governing boards fully understand and act upon the responsibilities of trust and trusteeship with regard to intercollegiate athletics at their institutions. The research process compared the recommendations to governing boards as stated in the 2009 "AGB Statement on Board Responsibilities for Intercollegiate Athletics" (endorsed by the Knight Commission and drafted with input from the NCAA) to the actual behaviors of boards and board members as reflected in the survey and advisory group discussions. The survey was conducted by e-mail and the population included presidents and board chairs of Division I institutions. The survey of presidents (CEOs) was conducted during an eight-week period in the spring of 2012. One hundred forty-three (143) college presidents responded to the survey, representing approximately 42 percent of the Division I institutions. This gap analysis focuses particularly on areas of board responsibility as identified in the 2009 AGB Statement, drawing from survey results and insights of the advisory group. The researchers understand the inherent limitations of a survey in which respondents describe attributes of their own institution, though they think the observations from this method provide valuable insights into the role of athletics within the culture of a range of universities and colleges. At the same time, the results from this survey offer questions for further research. Governing Board Certification Form: Academic Year 2012-13 is appended. (Contains 16 tables and 2 footnotes.)