This report presents a fiscal analysis of Howard University (District of Columbia) including: (1) general education revenues; (2) education and general expenditures; and (3) faculty salaries. The study compared Howard University to four different groups of higher education institutions: similar private institutions with hospitals; public universities with hospitals; competitor institutions (institutions preferred by students who declined Howard University admittance); and historically Black colleges and universities (HBCUs). Key findings with respect to revenues included: the university received more than twice as much revenue as competitor institutions and three times more revenue than HBCUs but less than that of private institutions with hospitals, and the university received 1% of total revenues from endowment income. Key findings with respect to expenditures included: Howard University spent $22,843 per full-time equivalent student, midway between private and public universities with hospitals; Howard spent only 6% of its expenditures on research; and Howard spent more for plant operation and maintenance than any of the comparison groups did. Other findings indicated that 78% of Howard's full-time faculty had Ph.D.'s and that its faculty salaries and benefits were comparable to those at public institutions with hospitals. An appendix includes a comparative fiscal analysis. (DB)