The impact of Malaspina College, British Columbia, on the local economy was investigated to update a 1977 study. The variables used to assess the college's impact were: (1) income injected into the local economy as a result of expenditures of the colleges, its employees, and its students; (2) college-related revenues received by local governments, (3) costs incurred by local businesses and governments due to the existence of the college; and (4) the number of local jobs attributable to the presence of the college. A model was used to estimate the magnitude of the short-run impact of the college over a given time period (the fiscal year 1982-1983). In addition to estimating income and expenditure multipliers for the local economy, an employment multiplier was estimated to project the number of local jobs resulting from the presence of the college. It was estimated that the total direct and indirect impact of the expenditures by the school, its students, and employees was over 15 million dollars for 1982-1983. These expenditures provided support for an estimated 960 jobs. Appendices include: student and employee questionnaires, statistical findings, and information on calculating the income multiplier and the employment multiplier. (SW)