In this article, the author talks about Portfolio Management, a concept used to make allocation decisions in the world of financial investments. While much has been written about Portfolio theory, and the term is widely used in the facilities management industry, little is really understood about the concept and its real-world application. The author presents a brief review of the basic premises of portfolio management, primarily as it pertains to non-liquid assets (e.g., buildings versus financial instruments such as bonds or mutual funds). He introduces Facilities Portfolio Management (FPM), a tool that facility officers can use to make annual funding decisions that are not dependent on an entire culture shift in the real world of higher education. It applies portfolio theory in a practical but effective manner that does not require extensive data gathering or new software systems. While facility managers have used many of the concepts intuitively for many years, FPM introduces a degree of rigor and defensible strategy to the process. (Contains 2 figures.)