Higher education is in the midst of a deep financial crisis, and the failure of governing boards to focus on academic programs is arguably the single greatest cause of overspending. This brochure shows trustees both why and how to prioritize academic programs. All too often, attempts to reduce expenses have concentrated on the administrative side of the budget, and academic matters have been considered the sole province of the faculty. But the future of colleges and universities may well depend on the willingness of trustees to make clear decisions about academic priorities. Prudent action now will position schools to not only weather the current economic problems but emerge as stronger academic institutions.