The impact of faculty unionization on faculty compensation, research contract revenues, student tuition and fees, and other financial considerations are examined in this report. The study uses multiple regression models to analyze the net impact of collective bargaining on a sample of over 100 union and nonunion institutions. Faculty compensation in union and nonunion institutions is compared overall and within several institutional categories (e.g., public, private, two-year, four-year). Included are considerations of the long-term effects of bargaining on compensation composed of salaries versus fringe benefits. Also studied are the relationships of collective bargaining to changes in the amounts of institutional income from varying sources and to changes in the distribution of institutional expenditures. It is found that, holding other factors constant, average faculty compensation in unionized institutions during 1974-75 was about $1,291 more than in nonunionized institutions. Further, this compensation advantage increased steadily to 1974-75 at which time a reversal was noted; in 1975-76 the $1,291 advantage shrunk to $800. Beyond the financial implications for faculty, unionization does not appear to have changed the incentives of faculty to seek contract research money from the government. (Author/LBH)