The report of the Board of Educational Finance (BEF) of New Mexico, which was required by House Memorial 15 (1978), and which describes programs and operations of two-year postsecondary institutions in the state, is divided in to three parts. Part I provides information on types of doctoral, masters, baccalaureate, and subbaccalaureate programs at the university and two-year college levels. Each of the universities was found to offer some two-year associate degree programs in addition to traditional university degree programs. Data related to the employment record of those completing the various vocational programs on the several campuses are also included. Part II addresses the question of the need for additional postsecondary institutions in New Mexico. The BEF has suggested guidelines when developing any future proposals for additional institutions. Part III contains a series of BEF recommendations related to the possible revision of the Branch Community College Act. It has been suggested that the Act be expanded to include an option by which some two-year colleges could operate as independent institutions. However, the BEF failed to agree with the suggestion and recommended that the essential elements of the Act remain as they are, with the exception that the contract between each branch and parent university be approved at the time of each revision by the BEF. (Author/MB)