The Board of Aeons was established on March 29, 1921 by Indiana University President William Lowe Bryan. Functioning as a link between the student body and the administration, Aeons is composed of 8 to 12 students of at least junior standing. Selections for the Aeons are made by the President from nominations submitted by faculty and administration based on outstanding student leadership and scholarship.

The Aeons meet regularly but informally once or twice a week with the President, Vice-President, Chancellor or other administrative official. Focus is on long range policies rather than daily operating procedures. University tuition increases, enrollment, funding of student groups, and public relations are some of the issues that have been addressed in the past. While not a "secret organization," Aeons does avoid publicity in order to maintain a spirit of candor and honest communication during discussions with administrative officials. Members remain on the Board of Aeons until they complete their degree and leave the campus, at which time a replacement is appointed.

The name "Aeons" comes from the Bible and refers to a group which occupied a position between heaven and earth, serving as a go-between for humans and angels. The Board of Aeons serves in an advisory capacity (as a sounding board for new administrative ideas and source of student opinion) and in a research capacity (recommendations from Aeons investigative committees are made in the form of position papers).