Models to assess the impact of a college on the local economy are examined. A primary objective was to derive equations for which data could be obtained from normal records kept by colleges, local governments, and businesses. The models, which are designed to be used by college presidents and their staffs, are linear cash-flow formulas, including only quantitative data. A few qualitative issues are discussed, but no specific methods are suggested for handling them. The models, which include only institutional expenditures, identify who is spending, how much they are spending, what goods and services they are buying, and where the spending is being done. The models cover economic impacts on local business, government, and individuals. In addition to tracing the rationale of the economic impact models, procedures for making the calculations are suggested. Appendices provide information on: calculating expenditure proportions; the concept of the multiplier; parameters to be considered in estimating student expenditures; determining average local time and demand deposits of faculty, staff members, and students; and tax arrangements between colleges and local governments. Data on student rental and housing expenditures by geographic regions and cities are included, along with data on faculty and staff expenditures. (SW)