About 

Under the provisions of the Founding Grant, the Board of Trustees is custodian of the endowment and all the properties of Stanford University. The board administers the invested funds, sets the annual budget and determines policies for operation and control of the university. Among the powers given to the trustees by the Founding Grant is the power to appoint a president. The board delegates broad authority to the president to operate the university and to the faculty on certain academic matters.