This article suggests that all too often college and university financial reports are meaningless. They indicate the current funds "surplus" or "deficit" that has been the typical university response when asked how the university did that year. In place of this, the university financial support should look at the total picture of the university, at a consolidated balance sheet, and at a consolidated changes in fund balances statement. The treasurer's report should show readily and distinctly whether the university ended the year with more or less tangible resources than it had at the beginning, and in what form; whether buildings, endowment, or working capital. (Author/MJM)