This paper discusses five issues in values and ethics relating to educational fund raising: (1) how should fund raising relate to the overall priorities of the institution? (2) what is the proper relationship between the institution and the donor? (3) what information is the institution obligated to present or make available with respect to its fund raising? (4) when should a gift be refused? and (5) what are the professional obligations of fund raisers to their institutions and to their larger communities? Six case study examples are appended for discussion. (27 references) (JDD)