The work of the Arizona Commission for Postsecondary Education (ACPE) is guided by a 5-year strategic plan. The purpose of the plan is to provide focus for the activity of this small agency and its nine staff members in order to increase productivity and impact in the areas of its statutory authority. The mission and goals were accepted by Commissioners in late 2004 and this report reflects the fourth year review of goals, performance, and outcomes as outlined in the plan. Through a planning process, the 16 Commissioners identified an agency mission of expanding access and increasing success in postsecondary education for Arizonans. Three goals were named to achieve this mission: (1) increase available student financial resources, (2) implement strategies to help students and their families plan, enter, and succeed in postsecondary education, and (3) provide a forum for all sectors of higher education to dialogue, partner, and problem solve issues of mutual interest. A roster of the ACPE Commissioners follows this introduction. The work of the ACPE has been highly impacted over the past two years both by legislative action and the recent economic downturn. New statutory responsibilities include the Postsecondary Education Grant (PEG) program which was initiated in the 2007 and the Early Graduation Scholarship Grant program which was established in the 2007 Legislative session. The successful development and launch of these important student financial assistance programs has been the focus of both the Commissioners and the ACPE staff over the past twenty-four months. In addition, the ACPE was asked to administer the Foster Youth Postsecondary Education Case Manager Program which was designed and launched in the spring of 2008. Progress on each of these legislatively directed initiatives is discussed in more detail within this report. The Commission staff has determined to focus its time and attention on the core responsibilities related to student financial assistance. Therefore top priorities include (1) communication with students and families who have lost grant funding, (2) continued effective administration of existing grant programs, (3) maintaining oversight and improvement of the Arizona Family College Savings Program, (4) building a PEG and PFAP loan repayment program to address the imminent statutory obligation, and (5) continued coordination of the fruitful College Goal Sunday financial literacy initiative. The ACPE administration uses minimal state financial resources. The FY 2008 ACPE annual budget was 10.4 M (before budget reductions) of that amount $8.5M was pass-through money dedicated to postsecondary education students in the form of financial aid. Moreover, the operational budget for the agency was $491,000 and more than half of this amount was supplied through administrative fees and grants. In addition, the agency generates $191,000 in donations, sales, and grants to fund college-going programs and publications such as College Goal Sunday, the Arizona College and Career Guide, the Rapid Guide to Financial Aid, and the Arizona Minority Education Policy Analysis Center. This report is organized in three sections, each section describes the activities and services related to each of the three goals, as well as the affects of reduced staff and budget reductions and these goals. The conclusion summarizes how the parts of this report relate to the plan and the future of the Commission. [For 2006-2007 Annual Report, see ED517257.]