This consultants' report reviews the New College of the University of South Florida, a small liberal arts college which is unusual in its lack of specific general education requirements, and its attention to independent study. After reviewing a considerable list of strengths, concerns are identified including the need to ensure that every student is adequately prepared for upper-class work. In looking at the student body, the report suggests concern for increasing racial and ethnic diversity, for increasing attention to a retention rate slightly lower than the average, and for the students' personal and social development. In looking at the faculty, the report lists concerns about faculty workload, tenure and promotion criteria vagueness, a perceived weakness in interdisciplinary and other new studies, retention of faculty in light of low salary levels, and the degree to which administrative matters are left to the Dean and Warden. Resources are reviewed with very positive ratings, save for the inadequate capital equipment acquisition and maintenance budget, the meager discretionary fund, and the sometimes confusing relationship between the College and the privately-controlled Foundation which supports a public institution through its access to private philanthropy. A list of specific recommendations is offered. (BF)