The Board of Regents is the university’s governing body and is entrusted with the fiduciary responsibility of the University. As such, it approves the institution’s strategic plan; selects the president; approves policies; assures adequate financial resources; calls and appoints faculty members; approves academic programs, tuition rates, and the annual budget; preserves and improves the institution’s assets; and operates the institution as an agent of The Lutheran Church—Missouri Synod.