The concept of actively leading constituents, internal and external, is second nature to many university administrators in most areas, except one: fundraising. For many university presidents and academic deans, it's a part of the job that is not well defined or well understood. They know there is an expectation that private funds will flow into the university or its academic colleges, but their specific role remains a mystery. This uncertainty may be due to fundraising recently becoming an expectation of leadership, particularly at public institutions; lack of experience on the part of presidents and deans in soliciting private gifts; or the belief of institutional leaders that such activities are beneath them. In frustration or desperation, they abdicate their leadership of fundraising to a development staff who then pick up the pieces and carry on as best they can. In reality, fundraising is a shared responsibility among a wide group of institutional leaders, most notably the university's president and the deans of its academic colleges. Individuals in these positions play a key role in creating and sustaining a vibrant culture of philanthropy and private support. Leadership in the area of fundraising is quickly becoming an expectation rather than an extracurricular activity. Given the increasing frequency with which fundraising is viewed as a measure of the effectiveness of presidents and academic deans, the author discusses the expectations for both positions.