The Board issues an Annual Federal Plan for Assistance to Historically Black Colleges and Universities (HBCUs) to the President on participation by HBCUs in federally-sponsored programs; provides advice to the Secretary of Education and makes recommendations in reports to the President on how to increase the private sector role in strengthening HBCUs, with particular emphasis on enhancing institutional infrastructure and facilitating planning, development, and the use of new technologies to ensure the goal of long-term viability and enhancement of these institutions.

Members are appointed by the President and include representatives of Historically Black Colleges and Universities, other institutions of higher education, business and financial institutions, private foundations, and secondary education.