Finally Cambridge University college involved in meetings for schools (8)
I believe the answer is:
educates
'for schools' is the definition.
('educate' can be a synonym of 'school')
'finally cambridge university college involved in meetings' is the wordplay.
'finally' indicates one should take the final letters.
'university' becomes 'u' (abbreviation for university).
'college' becomes 'c'.
'involved in' indicates putting letters inside.
'meetings' becomes 'dates' (date is a kind of meeting).
The final letter of 'cambridge' is 'e'.
'u'+'c'='uc'
'uc' put into 'dates' is 'ducates'.
'e'+'ducates'='EDUCATES'
(Other definitions for educates that I've seen before include "Trains, teaches" , "Trains the mind and abilities" , "Instructs, teaches" .)