The "Leadership Role in Library Fund Raising" was selected as the program theme for the 120th meeting of the Association of Research Libraries (ARL) to call attention to the changing scene of fund raising in higher education. Session 1 set the stage with an overview of the leadership role of library fund raising in the context of the institution as a whole. Program Session 2 convened a panel of four directors to focus on fund raising and the expectations of the library director, and Session 3 conducted a panel on the design and implementation of library development programs. In addition to the panel discussions, the following papers are presented: (1) "The Decentralization of Development: Impact on Power, Priorities, and Faculty Perceptions" (Margaret R. Hall); (2) "An Organizational Approach to Cooperative Campaigns" (David Olien); (3) "Finding and Fashioning a Fund Raising Style/Designing a Development Strategy" (Victoria Steele and Stephen D. Elder); (4) "Serials Prices: Issues and Strategies" (Donald W. Koepp); (5) "The Association of American Universities and a Research Libraries Agenda" (John Vaughn); (6) "Results of Quick-SPEC Survey on Fund Raising" (Lynda Claassen); (7) "Essential Components of a Library Development Program" (Joan M. Hood); (8) "Library Development as Part of the Overall Strategic Planning Process" (Barbara I. Dewey); (9) "Developing a Working Relationship between the Director and the Development Officer" (Donald Riggs); and (10) "Innovative Strategies for Raising Money" (Victoria Steele). Five appendixes provide details about the association and its finances. (SLD)