Government (state) universities as public services have to manage and control their fund because their fund is obtained from the community. Financial management of  universities should be optimal, flexible, effective, efficient, and transparent. Government Universities should be independent from political and economical pressure, so that it can manage their fund autonomously to serve good education for the
community. Indonesia has three forms of financial management that have been conducted by all state universities, which are (1) State University (PTN) with general state financial management (PTN Satker), (2) PTN with the financial management system of Public Service Board (PTN-BLU), and (3) PTN as legal entity (PTN-BH). The differences from PTN BH, PTN BLU, and PTN Satker are on the use of budget funds, financial reporting patterns, asset recognition, and tariff determination. These three forms of financial management should be used by each university as the most suitable ones. This research explores these three forms of financial management and perform their strengths and weaknesses. [download]