The Southern Regional Education Board is the nation's oldest interstate compact for higher education and a pioneer in regional planning and action for the effective multi-state use of postsecondary resources. After some background information on the organization, the annual report contents include the chairman's statement, report from the president, the year in brief, sources of support, notes from the third decade, sharing arrangements, members of the board, board committees, current publications, audit, and professional staff list. (Author/MSE)