This study empirically analyzes the impact of private university boards of directors' characteristics (specifically, directors' careers) on university finances. Drawing on Upper Echelons Theory, we utilize data on private university executives disclosed in the University Information Service. Our findings reveal that academic directors tend to increase endowment funds, whereas professional directors tend to decrease them. Directors with corporate backgrounds make decisions that increase tuition revenues, while those with religious backgrounds appear passive in activities aimed at increasing tuition revenues. These results confirm, from an Upper Echelons perspective, that directors' careers and values influence university finances. This study contributes to a broader understanding of university operations by analyzing the impact of board members' diverse careers on financial outcomes. It also suggests specific board characteristics that could enable private universities to respond more actively to changes in the educational environment.