Even the auditing of the corporation's accounts is commonly vested in such officers of the corporation, who have none but a formal, if any, direct connection with the governing board. The governing board, or more commonly a committee of the board, on the other hand, will then formally review the balance sheets and bundles of vouchers duly submitted by the corporation's fiscal officers and their clerical force, -- with such effect of complaisant oversight as will best be appreciated by any person who has bad the fortune to look into the accounts of a large corporation.
So far as regards its pecuniary affairs and their due administration, the typical modern university is in a position, without loss or detriment, to dispense with the services of any board of trustees, regents, curators, or what not. Except for the insuperable difficulty of getting a hearing for such an extraordinary proposal, it should be no difficult matter to show that these governing boards of businessmen commonly are quite useless to the university for any businesslike purpose. Indeed, except for a stubborn prejudice to the contrary, the fact should readily be seen that the boards are of no material use in any connection; their sole effectual function being to interfere with the academic management in matters that are not of the nature of business, and that lie outside their competence and outside the range of their habitual interest.
The governing boards -- trustees, regents, curators, fellows, whatever their style and title -- are an aimless survival from the days of clerical rule, when they were presumably of some effect in enforcing conformity to orthodox opinions and observances, among the academic staff. At that time, when means for maintenance of the denominational colleges commonly had to be procured by an appeal to impecunious congregations, it fell to these bodies of churchmen to do service as sturdy beggars for funds with which to meet current expenses. So that as long as the boards were made up chiefly of clergymen they served a pecuniary purpose; whereas, since their complexion has been changed by the substitution of businessmen in the place of ecclesiastics, they have ceased to exercise any function other than a bootless meddling with academic matters which they do not understand. The sole ground of their retention appears to be an unreflecting deferential concession to the usages of corporate organization and control, such as have been found advantageous for the pursuit of private gain by businessmen banded together in the exploitation of joint-stock companies with limited liability.(1*)The fact remains, the modern civilized community is reluctant to trust its serious interests to others than men of pecuniary substance, who have proved their fitness for the direction of academic affairs by acquiring, or by otherwise being possessed of, considerable wealth.(2*) It is not simply that experienced businessmen are, on mature reflection, judged to be the safest and most competent trustees of the university's fiscal interests.
