In 1989, a group of prominent Memphis business and community leaders, led by Robert Fogelman, formed a board to guide the president of The University of Memphis in attaining excellence and national recognition for the University. This group, known as the Board of Visitors (BOV), was the first of its kind in the state. They were charged with raising the University's national stature and enhancing the school's relationship with the local community. 

Among its activities, the BOV works to enhance the image of the University and was supportive of the successful name change to the University of Memphis in 1994. It also was actively involved in the selection of the last two presidents. In addition, the BOV sponsors the Eminent Faculty Award that encourages excellence in research, teaching and outreach. This prestigious award, that comes with a $20,000 stipend completely funded by the BOV, was renamed in 2006 as the Willard R. Sparks Eminent Faculty Award after former Chairman Willard Sparks. In 1999 the board was restructured and began assisting the University in the areas of programs, fundraising and strategic planning. The full board meets approximately four times each year in addition to its task force meetings.