It holds the institution s financial, physical, and human assets and operations in trust for future generations. It decides who should benefit from those assets, how, why, and when.
Individual trustees have no legal authority nor are they entitled to special privileges.
Rather, their authority and fiduciary responsibilities arise exclusively from their participation with others when a governing board is convened officially. The Board s Responsibilities. Set and clarify mission and purpose. Appoint the chief executive, support him or her, and monitor his or her performance. Assess their own performance.