Georgia's Gainesville College (GC) conducted a study to determine the associate degree three-year graduation rates from Fall 1994 to Spring 1997. In 1994, the majority of entering students were white non-Hispanic; almost all of the graduates studied were in this race category. Graduation rates were calculated for full-time and part-time students and broken down by gender, self-declared race/ethnicity, and whether students earned the associate degree at GC within three years. In addition, data was collected on those who transferred from GC to another two-year college or to a senior college/university. Findings indicated that about one in five of the first-time, full-time students who entered GC in 1994 received an associate degree by the spring of 1997. Fifty-four students received an associate degree from GC within three years, while the remaining 25 completed their degree program in only 2 years. Furthermore, full-time students had higher graduation rates than part-time students, and females had higher rates than males. The study confirmed that GC's graduation rate of 21% is superior to the average three-year graduation rate of 12.6% for two-year colleges within Georgia's university system. Tables of data are provided. (YKH)