Financial management in higher education is discussed in six articles, with attention to problems and creative solutions. The problem of capital depletion of facilities, research laboratories, instrumentation, and instructional equipment may be approached by creative partnerships between the state, institutions, and private capital sources. Old solutions, whether "pay-as-you-go" or long-term bonding, may be no longer feasible or applicable to current problems. Article titles and authors are: "Historical Perspective on University Debt Financing" (Patricia A. Libby); "New Investment Strategies for College and Universities" (Edward Q. Moulton); "Taking Advantage of State and Federal Tax Laws" (Michael B. Goldstein); "Financing Equipment and Facilities: Educating the Alternatives" (Raymond Smoot, Jr.); and "Creating a State Equipment Fund" (Gordon K. Davies). An appendix, "Exemplary Structure of a University Research and Development Enterprise," is a contribution of the Dow, Lahnes & Albertson firm. Charts and flow charts, as well as narrative sections, cover ownership and control of the foundation, rights to intellectual property, flow of venture capital, flow of investment income (working capital), and flow of project-derived income (profit). (SW)