Trustees play an important role in determining the direction, priorities, and future of higher education institutions, and as such, are critical actors in the decision-making and policy formation process. Numerous anecdotal reports have concluded that there are often competing interests in the use and structure of trustees throughout higher education, and the current study sought to identify the perceptions of college leaders about how trustees are currently implementing their roles. Using a national sample of 250 community college leaders and 250 state comprehensive university leaders, study findings found moderately consistent perceptions about what trustees are doing. As a group, all respondents agreed most strongly that their trustees were engaged in approving senior administrative appointments and determining financial priorities. Comprehensive university leaders reported that trustees were most engaged in strategic mission development, and community college leaders agreed most strongly that trustees were engaged in raising money for their institutions.