A university or school prospectus is a document sent to potential (prospective) students to attract them to apply for admissions.
It usually contains information about the institution and the available courses, including advice on how to apply and the benefits of accepting a place.
The prospectus usually contains information on the individual courses, the staff (professors), notable alumni, the campus, special facilities (like performance halls for music schools or acting stages for drama schools), how to get in contact with the university, and how to get to the university.
Some universities also provide an audio recording of their prospectus being read aloud on CD for the sight-impaired.
Some universities also use the term 'prospectus' to mean the formal meeting for proposing a graduate thesis or dissertation.