A study was conducted of state funding methods, practices and trends in the states covered by the Southern Regional Education Board. The use of funding formulas was found to be about as prevalent as in the late 1970s. A detailed profile is presented for each of the 15 states studied. The profiles provide such information as: state agency name; name and phone number of contact person; sectors (levels of postsecondary education) covered; description of budgeting process; groups that use the formula and for what purpose; percent of total educational and general budget covered by formula provisions; instruction; research; public service; academic support; student services; institutional support; operation and maintenance of plant; scholarships and fellowships; percent that request formula is fully funded; distribution technique when formula is not fully funded; process for estimating self-generated revenue; year that basic structure of formula was adopted; summary of formula revisions under consideration; and major formula components used for state budget control. (KM)