A study was conducted by the Grants Campus of New Mexico State University to determine the campus' economic impact on its service area. Data from the 1993-94 academic year were gathered from state, county, and institutional reports, and surveys conducted of students and college employees. Economic data were analyzed on three levels: level I funds, representing sources of funds received by the college and including tuition and fees, grants, and state appropriations; level II funds, representing expenditures by the college within the local service area, such as local purchases and salaries; and level III funds, measuring various economic effects of the college on local government, business, and society. Study findings included the following: (1) in 1993-94, a one mill tax in the county generated $93,439 for the college, while level I funds amounted to $1,816,236, primarily from state and federal funding; (2) level II expenditures by the college within the county, including salaries, amounted to $2,308,778; (3) using a conservative multiplier of 1.8, it was estimated that the local business volume generated $1,951,752; and (4) approximately 116 equivalent local jobs were generated in the county because of the presence of the college, while local student income from financial aid was $679,450. (Tables of key economic indicators, a chart of economic variables with dollar amounts, and definitions of measures are appended.) (KP)