Much has been said and written about the need for measuring accurately and improving the investment performance of college and university endowment funds, but little has been written about how colleges and universities should report on the status and performance of the investments of endowment funds. When guidelines for reporting are adopted, a number of questions should be included. When should the reports be distributed? Should information be recorded on a book or market value basis? How should performance data be computed? With what inexes should the performance data be compared? In addition to annual financial statements, there are needs for special investment reports for public distribution as well as internal management reports. External reports should be prepared annually, but internal reports should be prepared quarterly or more frequently. (Author/KE)