The Land O' Lakes Statement set the stage for dramatic changes in the life of Catholic colleges and universities. Not least among these changes was the introduction of primarily lay-led boards of trustees. In the 50 years since the statement's publication, these institutions have faced dwindling numbers within their sponsoring religious orders, as well as increased financial pressures. This article suggests a framework, inspired by the writings and the spiritual legacy of St. Ignatius of Loyola and grounded in the Ignatian concepts of discernment and indifference, to assist boards of trustees in keeping mission central to their decision-making process.