And Christopher T. Bayler '60 says his role asa director to the semi-conductor manufacturerInterpoint Corp. And his position as a Harvardoverseer are very different.

"Nothing at all is similar," Bayley says."Nothing is comparable to being on the Board ofOverseers."

Governing board members say they areexpected to help the University raise money. And,they say be serving on other public boards, theymake the contacts that allow them to do that.

Peter L. Malkin '55, an overseer and a directorto U.S. Trust Corp., says serving on boards offor-profit companies exposes him to potentialsources of financial gifts to Harvard.

"Someone has to bear in mind that there's anobligation to raise money for scholarship forstudents who go here," Malkin says. "[Overseersshould be] watching over finances of theUniversity and fundraising for the University."

Such arrangements are common at other schools.Richard P. Chait, a professor at the University ofMaryland and author of The Effective Board ofTrustees, says the ability to contributefinancially to a university is often an importantconsideration in choosing people to sit ongoverning boards.

"On balance, it's more desirable to have peoplewith more wealth than not," Chait says. "Everytrustee recognizes the standard applied that eachmember will support the institution in accord withhis or her means."

And smith, the ethicist with the PoynterCenter, says governing board members are looked onas potential donors at universities everywhere.

"Trustees are regarded as donors themselves orpeople who can marshal those who can support theuniversity," Smith says. " They will be approachedas donors and their resources will at one time oranother be tapped into in fund campaigns."

But Roberts insists that the ability to give orraise money is not a prerequisite for being aboard member. He notes however, that overseers andmembers of the corporation have given generouslyin the past.

"It is the case that members of the two boardshave been remarkably generous to our institutionover the years," Roberts says.

And Bayley says there is not expectation thatboard members must financially contribute to theUniversity.

"We're unusual because people on the Board ofOverseers never discuss whether they cancontribute financially," Bayley says. "In acapital campaign we'd want to be able to say we'vesupported it 100 percent, but that could be $10for those who don't have any money."

Of course, the people serve on theHarvrd's governing boards are far from poor. Andthose who sit on the board of public companiesearn stipends and committee fees that can add upto hundreds of thousands of dollars per year.

In exchange for the responsibility ofoverseeing a company and attending four to 12board meetings per year, directors of for-profitcorporations often receive annual stipends ranginganywhere from $9,000 to $55,000.