The State Higher Education Finance (SHEF) report is produced annually by the State Higher Education Executive Officers Association (SHEEO) to broaden understanding of the context and consequences of multiple public policy decisions in each state. Although the cost of college has been rising for students and families, so has the potential economic benefit of earning a postsecondary credential or degree. Greater attention to both the costs and benefits of higher education influences the environment in which political leaders, policymakers, and educators make decisions. No single report can provide definitive answers to the broad and fundamental questions of state higher education policy, but the SHEF report brings important context and trend analysis to help inform policy decisions. SHEF provides the earliest possible review of state and local support, tuition revenue, and enrollment trends for the most recently completed fiscal year. The report includes: (1) An explanation of the measures and methods used in this report; (2) A description of the revenue sources and uses for higher education; (3) An analysis of national trends in enrollment and revenue; (4) Comparisons of the SHEF measures across states and over time; (5) Indicators of state wealth, tax effort, and relative allocations for higher education; and (6) A series of short callouts and case studies that add important context and understanding to the data presented in the report. [For "State Higher Education Finance FY 2015," see ED593737.]