A statewide retention study conducted in fall 1992 revealed significant differences in graduation rates among Virginia Community College System (VCCS) institutions. To determine factors related to student graduation and differences in graduation rates for VCCS colleges, an analysis was undertaken of the characteristics of fall 1989 entering students and the characteristics of students from this cohort who received an award (i.e., certificate, diploma, or associate degree) by June 1992. Results of the analysis included the following: (1) graduation rates for the 23 colleges in the VCCS ranged from 53.8% to 4.8%, with a system-wide average of 10%; (2) with respect to graduates system-wide, 53% were female, 82% were under 25, 86% were white, and another 86% were enrolled full-time; (3) while age, race, and gender were related to receiving an award, they were not as strongly related as the program selected, college location, and student course load; (4) occupational-training students were more likely to graduate than transfer students; (5) the probability of receiving an award for urban students was only about half of that for non-urban students; (6) students who initially enrolled full-time were five times more likely to graduate than part-time students, though the 3-year period commonly used in graduation studies is generally not enough time for part-time students; and (7) colleges with large numbers of part-time freshmen had lower graduation rates, even if the tracking time was extended to 7 years. (MAB)