This report reviews the research on fund raising in higher education in the United States. It considers such questions as: What are the costs of fund raising? What is known of donor motivation? and What is the connection between successful intercollegiate athletics and successful fund raising? Research findings indicating the consistent association between dollars spent on fund raising and results of fund raising, and the preference of exchange models over models of altruism in understanding donor motivation are noted. The first section of the report looks at the American tradition of private philanthropy by considering annual alumni funds, charitable gifts from business gains and professional fund raising and fund-raiser organizations. Institutional effectiveness, policies, and programs are examined next, and this is followed by a brief consideration of organization and costs in the third section. Donor behavior and motivation are discussed in the fourth section, which takes up the issues of modeling donor behavior and predicting alumni giving donor behavior in relation to tax incentives and economics, the effect on donor behavior of intercollegiate athletics, and corporations and foundations as donors. In the fifth section, ethics and values in fund raising are considered in sub-sections on institutional priorities, sharing information with donors, refusing a gift, and obligations of fund raisers. The final section provides analysis, discusses implications, and offers recommendations. Contains about 200 references. (DB)