The president of an American university is the chief fund-raiser. The president is responsible for seeking major donations from individuals, corporations, and foundations, and for lobbying governments for appropriations. The president also creates strategic partnerships with other organizations, which often include in-kind donations.
The president is also the chief executive, but at wealthier institutions this is a secondary role.
To quote Matt Read:
It’s a standing joke that at private four-year schools, the president reports to the development office. It isn’t literally true, but in some places, it’s close.
The development office is the fundraising office.