The fifth report in an annual series designed to provide timely and reliable information on the condition of the independent sector of American higher education is presented. Information was gathered from a sample of 127 institutions representative of all independent, nonprofit, accredited institutions, except free-standing professional schools such as theological seminaries and music conservatories. This extension of the series through 1978-79 and partially for 1979-80 covers the following broad categories: enrollment and admissions; faculty and other staff; educational program content and quality; operating revenues and expenditures; undergraduate student financial aid; assets, liabilities, and net worth; and financial ratios. Among the findings is that compensation of faculty has not kept pace with inflation or with remuneration in the general labor force. Depreciation of assets is seen as an area of slow consumption of capital. The growth in the amount of student aid funds from the federal government has enabled colleges and universities to reduce or stabilize their own expenditures for student aid. There is a trend toward an increased proportion of graduate, professional, and part-time students and a decrease in regular full-time undergraduate students. (SW)