Boundaries represent the ability to recognise what is our responsiblity (what what is truly within our power to control) and what isn't. Boundaries are an essential ingredient to create a healthy self. They define relationships between you and everyone else around you.
Healthy boundaries help us to ensure that we are taking responsibility for our own lives, that we knowingly accept the consequences or reap the benefits of our choices. Just as importantly, they ensure that we let others do the same for themselves.
Different members of the University staff will have different boundaries in terms of their relationships with staff. There is no 'one size fits all'. However, you might want to think about your own boundaries.