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These are demanding, yet exciting, times for public higher education in South Dakota. Challenges are many-how best to deliver educational services in view of demographic shifts in South Dakota's population base, limited state resources, and far-reaching economic changes both nationally and internationally. The South Dakota Board of Regents is actively engaged in far-reaching discussions with policymakers and the public. The regents' 2003 report, "Opportunities for South Dakota," initially put focus to these discussions. Then in 2004, Gov. Mike Rounds launched his 2010 Education Initiative, a series of specific goals and action plans intended to improve the state's education system by the year 2010. The governor's initiative creates the roadmap for the future. In that future, Gov. Rounds sees a South Dakota education system "second to none in America--brimming with opportunity and innovative entrepreneurial thinking." From the regents' statewide conversations about issues and opportunities, four policy goals for the Board of Regents' system became evident: (1) Access--Every qualified South Dakotan shall have access to public postsecondary education; (2) Quality--South Dakota public universities and special schools shall provide a quality educational experience; (3) State Wealth--South Dakota public universities shall engage in activities designed to enhance the state's long-term economy; and (4) Efficiencies--South Dakota public universities and special schools shall continue to seek means for improving efficiency in the delivery of educational services. To gauge the progress, this "Fact Book Fiscal Year 2005 provides the single best source of information and data from the South Dakota Board of Regents' system. (Contains 51 tables and 18 graphs.).