The 1977-78 report of gifts and bequests to 67 colleges and universities, which is part of a continuing study of higher education and American philanthropy, is presented. Narrative and statistical information are provided as follows: 58-year totals and averages (1920-21 to 1977-78) on gifts and bequests to 67 colleges and universities; gifts and bequests to 37 of the larger colleges and universities; gifts and bequests to 21 of the smaller colleges and universities and to nine of the women's colleges; gifts and bequests for the past five years to 37 of the larger colleges and universities, 21 smaller colleges, and nine women's colleges; 1977-78 sources of support; 1977-78 summary of gifts and bequests to schools for current purposes and for capital purposes; 15-year record of gifts and bequests; and 1977-78 endowment and enrollment. (SW)