Revenues and expenditures at public and private colleges and universities in Maryland were analyzed and compared with national patterns. State Board for Higher Education (SBHE) guidelines were also consulted. Expenditure patterns of public and private colleges are similar. However, private colleges are most dependent on tuition and fees and income from private gifts, grants, and endowments, while public institutions are most dependent on state aid, tuition, and fees. Consequently, tuition and fee charges are higher at private institutions, and these institutions spend higher amounts for scholarships and fellowships. These patterns are quite similar to the national patterns for private and public institutions. Guideline analysis at the private colleges indicates that expenditure levels are about what would be predicted given the size, role, and mission of the schools. Because of demographic trends, enrollments are likely to decline in both private and public sectors during the next decade. However, declines are not likely to be uniform at all schools. The financial condition of both public and private institutions will need to be monitored carefully as higher education public policy decisions are made. Appendices include: HEGIS XIX Form (definitions and instructions), SBHE guidelines, and data on student financial aid by institution. (Author/SW)