The impact of federal funds on private, historically black institutions was studied. The focus was whether funding under Title III of the Higher Education Act of 1965 made a difference to the survival or stability of 45 four-year and 5 two-year colleges. The following information was used to analyze fiscal years (FY) 1977 and 1982: current funds revenues, tuition and fees (amount/percent), Title III (amount/percent of federal), endowment, enrollment, current funds expenditures, instruction (amount/percent), and research (amount/percent). Title III funding was received for an average of 12 years by the 50 institutions. All of the sample, except one, were located in the Southeast United States. During FY 1977, the institutions averaged slightly over $4 million in current funds revenues. The institutions received an average of 24 percent of their revenues from the federal government. As part of the federal share of the current funds revenues, 44 percent was Title III funding. The federal shares did not include student financial aid. The institutions had an average endowment of over $265,000. In FY 1982 the average current funds revenues were over $7 million. Also the endowment average was over $4 million. (SW)