This status report outlines the progress of the California Community College Finance Project. Working papers, models, and alternative proposals are reviewed in four areas: mission and function, finance, governance, and management. Priorities in mission and function are stated in terms of the characteristics and educational needs of the nearly 1.3 million students in the system. Student needs involve preparation for transfer; occupational training; and basic language, computational, and learning skills. The finance section presents seven support source models, and considers a variety of support techniques including locus of budget decisions, workload measures, phasing and year to year change, funding amounts, incentives, institutional vs. student aid, and cost differences. Three governance policy alternatives are considered which offer varying amounts of local, region and state control in areas of influence; budgeting and allocation of funds; program and course approval; planning; personnel; admissions; new campuses, centers, facilities, and equipment; and academic standards. The management section discusses the use of human resources, including faculty, administrative and supporting staff, students, and the community; and material resources of facilities and equipment. It also deals with scheduling and measuring student work, and accountability, which is described in terms of mandates, legal compliance, evaluation and accreditation. Background papers and a bibliography, as well as a list of the task force and finance study group members, are included. (MB)