* Chancellor (or President): In many systems, this is the highest-ranking executive officer, responsible for the day-to-day operations and overall leadership of the university or university system.
* Board of Regents/Trustees/Governors: This governing body is typically the ultimate authority, responsible for setting policy, overseeing finances, and appointing the chancellor/president. They are usually appointed by state government or elected by a wider constituency.
* State Legislature (for public universities): In the case of public universities, the state legislature holds ultimate authority as it controls funding and sets the legal framework for the university system.
Therefore, while a Chancellor or President might be the most visible and powerful figure, the true highest authority often lies with the governing board or, ultimately, the state legislature for public institutions. Private universities will have a different structure, with the governing board having the ultimate say.