The need to modernize deteriorating and obsolete research facilities at universities and colleges is of widespread concern to the academic research community and to government agencies and other organizations which support that community. On July 22-23, 1985, some 200 leading college and university administrators, researchers, industrial and government officials, and representatives of scientific and professional societies gathered at the National Academy of Sciences in Washington, D.C., to discuss the issue. Their principal purpose was to identify and consider a spectrum of approaches that could help address the need at a time of tight constraints on the Federal budget. The conference was not designed to adopt consensus-based recommendations. The participants were searching for a comprehensive set of approaches that would meet facilities' needs on a continuing, long-term basis; recognize the diversity among research institutions and disciplines; and allow for the establishment of new research capabilities as well as the maintenance of existing strengths. This report summarizes those approaches and presents them as action items addressed to the Federal Government, to state governments, and to academic institutions. The conference agenda and the list of Planning Group members are also included. (Author/CW)