Since ISM first began its quinquennial analysis of the prime correlates of a school’s ability to sustain excellence in its student programs—known as the ISM Stability Markers™ —the marker known as “cash reserves” has placed either first or second in each analysis. And while “cash reserves” is a convenient way to reference the item, this marker is actually a formulaic mix of reserves, (low or no) debt, and endowment. Now holding the top rank for the ninth straight year, reserves/debt/endowment is always a focal point of Trustees’ discussions—and properly so, as they move into strategic planning with ISM. Following are five observations and comments, each one grounded in Trustees’ questions and pertinent to ISM Stability Marker No. 1. You, as a leader on your Board of Trustees, are encouraged to think carefully through the implications of each of these five.