A survey was conducted of Illinois community college presidents and business managers to determine current institutional thinking on the Illinois funding formula. Study findings, based on responses from 36 out of the 39 colleges in the state included the following: (1) 64% of the respondents favored the concept of averaging credit hours and unit costs over a multi-year basis "in an effort to stabilize fluctuations in credit hour generation and unit costs"; (2) of three possible approaches to residual funding, the current method (i.e., deducting local available revenues from overall estimated unit costs) received the least support (25.5%), while strongest support was expressed for varying the deduction by seven cost categories "to reflect differing priorities among the categories"; (3) 80% supported equalization as a concept "to reduce the disparity of local tax funds available per student among districts"; (4) over 79% supported the concept of fixed cost; (5) 81.3% were in favor of state reimbursement for the general study category; and (6) 50% were noncommittal concerning performance-based funding, 30% were opposed, and 14% were in favor. The study report includes the survey instrument, as well as tables, charts, and data concerning Illinois community college funding. (LAL)