The USF Board of Trustees was established by the Florida State Legislature in 2001, vesting in it the authority to govern and set policy for the University. The Board is charged with “engaging in strategic planning for the university...[and insisting] on sound, long term planning that will guide the board, the president/CEO and other campus leaders toward a common goal.”

The Trustees and broader campus community of the University of South Florida fully recognize, understand and embrace those fundamental principles that are driving change in contemporary public higher education. Planning for excellence in teaching and learning, scholarship and research, together with public service and community engagement, has been guided by a shared commitment to expanding access to higher education, ensuring efficiency throughout the University, and contributing to regional economic growth. Above all, the Board of Trustees has set local accountability as its primary responsibility.

USF embarked upon a new Strategic Planning process in spring, 2001, shortly after Dr. Judy Genshaft was inaugurated as President. The process was initiated at department, college, and campus levels with individual unit Action Plans completed by the end of the fall semester, 2001. Shortly after the USF Board of Trustees was appointed in fall, 2001, President Genshaft conducted a retreat with Board members, the President's Cabinet, and the Council of Deans to review and refine the Mission and Vision Statements for the University.

The USF Strategic Plan was built on the plans of each College and Vice Presidential area and refined to focus on nine strategic directions for the University. The Strategic Plan was adopted by the USF Board of Trustees at the November 21, 2002 meeting. The first Annual Progress Report for 2002-2003 was delivered at the November 20, 2003 meeting of the USF Board of Trustees.