For the purpose of the study, the local economy of Malaspina College in Nanaimo, British Columbia was defined as the school district. The variables used to assess the college's impact were: (1) income injected into the local economy as a result of the expenditures of the college, its employees, and its students; (2) college-related revenues received by local government; (3) costs incurred by local businesses and governments due to the existence of the college; (4) the number of local jobs attributable to the presence of the college; and (5) the expenditures for recently completed construction work. A model was used to estimate the magnitude of the short-run impact of the college over a given period of time (the fiscal year 1976-77). It was found that the largest impact on the local business community came from direct student expenditures, followed by direct expenditures by full-time employees, and direct nonsalary operating expenditures. Local governments received almost a million dollars in revenue as a result of the college. The salary and nonsalary operating expenditures and the nonhousing expenditures of students supported 302 jobs directly and 393 jobs indirectly. The total direct and indirect impact of the recent construction amounted to almost $4.5 million, and 120 direct and indirect jobs. (MSE)