Boards typically consider various financial indicators to gauge the health of their institutions, such as meeting enrollment goals. But there's one indicator--seldom bragged about--that trustees should pay closer attention to: graduation rates. Growing public attention to the need for more college graduates will increase pressure on campuses to improve the proportion of students actually graduating, but consistent attention over time will be needed to make a significant difference. The author believes that even a modest increase in the graduation rate generates more alumni, with potential fund-raising payoffs--depending on the size of the institution--in the millions or tens of millions of dollars. This article discusses the need for governing boards to consider the implications of graduation rates for their university or college and the steps they should take to see that hiking graduation rates becomes a priority on the institutional agenda. (Contains 5 resources.)