This final report of the Cooperative Assessment of Experiential Learning (CAEL) project provides an overview of the major activities of CAEL's first three years. It includes a brief history of CAEL, a description of the developmental work, and selected important outcomes of the field research. The Operational Models Project (which involves the implementation of CAEL assessment programs within the educational institution) and the Faculty Development Program (which trains college faculty in the new assessment techniques) are described. The final chapter summarizes the project's accomplishments and presents major conclusions and implications. Lists of CAEL publications and products, committee members, and participating institutions are appended. (Author/MV)