In 2007, the presidents and chancellors of Hispanic-serving institutions identified 5 challenges that their institutions will face as the end of the first decade of the 21st century approaches. Almost 8 of 10 respondents listed lack of funding as the most important challenge. The 2nd most important issue was the poor academic preparedness of students, and the 3rd was student retention/success. The 2 other challenges identified were faculty and affordability, in that order. Given projected increases in the enrollment of Hispanics and the budget deficits many states will face in the next few years, challenges will probably continue. (Contains 1 table, 1 figure, and 4 footnotes.)