Now more than ever, college and university leaders are obliged to conduct vigorous and ongoing analyses of their institutional missions and financial underpinnings. For some institutions, this will mean change or upheaval; for others, such intensive monitoring and examination will mean a steady rudder. Regardless, the finance committee of a board of trustees will continue to carry out important traditional responsibilities on behalf of its institution. A finance committee can best serve its institution by integrating its basic responsibilities with the institution's mission, responding to the changing needs and expectations of the institution's internal and external constituencies, and facilitating discussions with other board committees, the president, and senior-level administrators. This document discusses the role of the finance committee in institutes of postsecondary education.