College and university trustees and administrators are employing various strategies to deal with financial challenges. These fall generally into five categories: (1) attracting additional revenues to help close the gap between resources and expenses; (2) reassessing tuition and financial aid policies to alter the size or mix of the student body; (3) cutting costs, improving quality, and restructuring how the institution educates students and administers programs; (4) introducing or expanding the use of technology to educate students and improve administrative functions; and (5) optimizing resource sharing by forming alliances and cooperating with other institutions. Governing board members can ask institution-specific questions concerning: whether the size of the institution should remain the same or change; whether revenue-raising activities are consistent with the institution's mission and values; degree to which the institution is dependent on student charges as a revenue source; the possibility of improving administrative and academic productivity without sacrificing quality; the knowledge base concerning technology and learning and associated costs; and the possibility of there collaborative efforts that can enhance the institution's competitive ability and position. Two issues are paramount: first, the current balance of power among trustees, faculty, and administrators; and second, especially for public institutions, the degree to which the institution has sufficient authority to establish campus priorities and funding patterns. (Contains 12 references.) (JLS)