Basic economic concepts applicable for college financial management are considered, along with the characteristics of financial instruments available to universities that have money to invest for short-term or long-term purposes. A discussion of various financial securities provides information for the endowment manager who has to select among various financial instruments. Case examples are used of how some colleges have coped with issues such as dormitory projects, endowment management, and long-run planning with an emphasis on tenure considerations. General approaches to dormitory or building financing and student aid financing are examined in the context of cash management, risk considerations, and alternative goals. These general approaches provide the administrator with a framework for analysis. The problem of endowment management and spending rules are addressed, based on a review of the research and a case example of the sophisticated endowment management followed by Georgetown University. Risk and return over time for financial administrators adopting various types of spending rules are also examined. In addition, the long-run financial strategy for Wichita State University is discussed. This case study illustrates the type of data that may be useful to the administrator planning for various contingencies. Comparisons of tenure in light of the financial concepts are compared, and today's present value of some long-run tenure decisions are indicated, along with how such decisions may be evaluated in light of the financial mobility of the institution. The American Association of University Professor's faculty model and a bibliography are appended. (SW)