The Association of Governing Boards of Universities and Colleges (AGB) is pleased to share this sixth publication 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. Institutional endowments are critical resources that ensure inter-generational equity and educational opportunity, providing both present day and future assurances that academic quality, access, and capital support can be sustained and amplified over time. Board members have a significant fiduciary responsibility to understand and steward endowments, and their voices are essential to informing the public debate about the important work the funds support.