This five-part annual report provides information for fiscal year 1987-88 on the Arizona State Board of Directors for Community Colleges, the state's community college districts, college finances and enrollments, and vocational education. Section I states the Board's philosophy of education, delineates general fund expenditures, and indicates the number of teaching certificates issued. Section II contains a directory of Arizona's community colleges, campuses, and skill centers, and information on fall 1987 personnel. Financial data are presented in section III, including information on: (1) revenues and expenditures; (2) sources of funds; (3) general and plant fund income; (4) disposition of funds; (5) general fund current operating expenditures; (6) state aid income; (7) cost and income factors; (8) full-time equivalent (FTE) enrollments in short-term courses, open-entry/open-exit courses, and vocational programs; (9) the history of state aid to community colleges; (10) plant investment; and (11) debt retirement. Section IV offers enrollment data, including a history of FTE, vocational, and headcount enrollments by district; information on student characteristics; and statistics on degrees and certificates awarded, credit hours enrolled, and off-campus and non-credit enrollments. Section V focuses on vocational education, providing data on federal vocational education funding, funded vocational education projects, and skill centers. The report concludes with a matrix showing all curriculum offerings at each of the community colleges. (AACZ)