The subject of this volume is whether there are sufficient grounds to consider philanthropic fundraising a profession with--as they say at commencements--all the rights and priveleges pertaining thereto. Topics include: federal and state regulation of the nonprofit world, fundraising and the courts, the education, licensure, and credentialing of fundraisers, the role of associations in the professionalizing process, and more. This is the 15th issue of the quarterly journal New Directions for Philanthropic Fundraising.