The 28th in a series of Council for the Aid to Education philanthropic studies begun in the mid-1950s is presented. Information is provided on the following topics: (1) colleges and universities (national estimates, expenditures and voluntary support, survey results, voluntary support by type of institution, voluntary support by source, special forms of giving, voluntary support by purpose, alumni giving, and technical notes); (2) details of support by institution (definitions of classifications, colleges and universities, and independent elementary and secondary schools); and (3) independent elementary and secondary schools (survey results, voluntary support by type of school and by source, special forms of giving, voluntary support by purpose, advancement-program expenditures, and endowment). Findings include the following: there has been a dramatic growth in private giving; during the 1986-87 academic year, voluntary support of educational institutions grew by an estimated 15% and reached a record high of more than $9 billion; and since 1976-77, giving to colleges and universities has risen by 218%. Appendix tables are as follows: college and university data; independent school data; and colleges and universities, 1949-1950 to 1986-1987. (SM)