A modified version of the predominant economic impact model (Caffrey-Isaacs) is presented for use by higher education institutions in preparing and carrying out economic impact studies. Use of the modified version allows small institutional research offices to conduct studies in a timely manner with a methodology that remains within the boundaries of the original model and satisfies the political demands inherent when officials request such a study. The report describes the Caffrey-Isaacs model, its modification, and its specific components in detail, with some examples of calculations provided. Survey design and data entry, programming for statistical data analysis, and preparation of the final report are also discussed. Sample printouts are included. (Author/MSE)