This report presents a description of the status of academic libraries in 1994, a time of rapid technology-related change and increased introduction of electronic services. Two of the national education goals for the year 2000 emphasize the important roles played by resources and staff efforts of academic libraries. The report presents detailed tabulations for 1994 and historical comparisons with previous years, with a focus on comparisons since 1990. The data are from the 1994 Academic Libraries Survey (ALS), a part of the Integrated Postsecondary Education Data System (IPEDS) of the United States Department of Education's National Center for Education Statistics. Topics covered in the report include: library number and diversity; services; collections; staff; and expenditures. Highlights of findings are provided at the beginning of the document. Appendix A contains methodological information for the 1994 survey; Appendix B contains detailed tables; Appendix C is the ARL benchmark listing; and Appendix D is a copy of the survey form. (AEF)