That college and university boards should have a policy on trustee conflict of interest is nearly universally accepted. Yet there is little consensus among institutions on just what the policy should be--and broad national consensus anytime soon is unlikely. Boards thus face a host of questions, many of which this document addresses, regarding conflict-of-interest policy. Although abusive activity by college and university trustees has been impressively rare, institutions throughout the country are more likely than they used to be to review and update the board's conflict-of-interest policy. This reflects a heightened sensitivity resulting from such developments as board-related scandals in the corporate world, increased federal and state regulation of fiduciary behavior, and an upsurge of institutional business relationships, novel business ventures (some but far from all of which are related to technology transfer), and endowment investment opportunities of unusual kinds. This paper, although not exhaustive, is intended to aid institutional personnel as they consider whether and how to update and administer the board's conflict-of-interest policy. This document identifies a range of issues raised by college and university trustee conflicts of interest, illustrates some key legal standards that inform consideration of the issues, and describes methods some institutions use to address some of the issues. (Contains 12 endnotes.)