Specific cost areas are examined for 100 private, four-year colleges having a full-time equivalent (FTE) enrollment of fewer than 3,000 students. A questionnaire was distributed to each of the institutions to gather the data presented here. The purpose of the study was to compare costs and cost factors of small colleges. Five categories of expense are considered: (1) educational and general expenses; (2) auxiliary expenses; (3) student activities; (4) student aid; and (5) debt service. Costs are expressed in terms of expenditures per FTE student. Instructional expenses are evaluated by examining five key departments. In addition, the cost effectiveness of the admissions and development offices is examined. (Author/MSE)