The purpose of this report is to describe the development and field testing of a two-year college version of the National Center for Higher Education Management System's (NCHEMS) Institutional Performance Survey (IPS), an instrument designed to provide information on the perceptions of various groups about the overall functioning and performance of the institution. The report explains the impetus for developing the two-year IPS; steps in redesigning the instrument, which included the solicitation of comments from a panel of administrators, faculty, and staff in three community college systems; and the field testing of the modified IPS at Montgomery College (MC), Maryland. Appendix A presents the version of the IPS developed for the MC field test. Appendix B offers an extensive executive report on the MC study, presenting a digest of the responses of administrators, associate staff, support staff, tenured and untenured faculty, and faculty at each MC campus for questions related to changes in the college environment, enrollments, revenues, institutional functioning, college culture, institutional strategy, resource allocation, and institutional effectiveness. (RO)