This publication is part of an AGB series devoted to strengthening the role of key standing committees of governing boards. While there is no optimum committee system for institutions of higher education, certain principles, practices, and procedures prevail. The best practices included in this text support the objectives of board committees: focused effort, informed decision making, and self-management. Chapters include: (1) Funding the Future; (2) Purpose of the Committee; (3) Committee Responsibilities; (4) Committee Composition; (5) The Chief Investment Officer; (6) Tips for Effective Committees (meeting agendas, work plan, the chair's role, and relationship with the board); (7) Special Issues; (8) 7 Common Pitfalls to Avoid; and (9) Sample Investment Committee Charters (for a private institution and a foundation). The following are appended: (1) Sample Investment Committee Charter for a Private Institution; and (2) Sample Investment Committee Charter for a Related Foundation.