This report is first in a series of informational briefings developed as part of "The Guardians Initiative: Reclaiming the Public Trust," an effort to educate and engage trustees as advocates on key issues in higher education. While the tone of public criticism of higher education has sharpened, public understanding about the sector's legitimate challenges and contributions is often lacking. Board members have an important role to play in improving the level of public discourse. In this first briefing, the Association of Governing Boards of Universities and Colleges (AGB) examines the prevailing business model in higher education, with emphasis on undergraduate education in four-year colleges and universities. A list of resources is included.