The purpose of this paper is to introduce the topic of endowment management to university stakeholders [and] other interested readers. Scholars and professional endowment managers have outlined these topics in detail. This paper summarizes those topics, explaining what university endowments are, why they exist, and how university trustees and university administrators can best manage them. The paper concludes by suggesting that effectively managed endowments provide a part of the solution to the major financial challenges currently facing higher education.