This study examined the extent to which presidents of independent colleges of the Southern Association of Colleges and Schools commissioned economic impact studies and their views on the usefulness of such studies. Seventy-three presidents completed a survey questionnaire in the spring of 1997. Responses indicated that 21 schools had conducted an economic impact study in the last 3 years, and that 86 percent of the presidents of these schools indicated that the studies were very useful. Additionally, 61.9 percent of these institutions indicated that they planned to conduct another study in the next 3 years. In contrast, of the remaining 52 institutions that had not conducted an economic impact study in the last 3 years, only 46 percent indicated that they planned to conduct a study a study in the next 3 years. Correlation analysis indicated that larger institutions tended to conduct such studies more often than smaller institutions. It is recommended that smaller institutions consider conducting joint economic impact studies with neighboring institutions or peer/affiliated institutions, and that smaller institutions periodically outsource this research activity to consultants. Two appendixes contain a copy of the survey and data tables. (Contains 13 references.) (MDM)