During the 1990-91 academic year, Frederick Community College (FCC) in Maryland conducted a major research project to help determine the extent and effectiveness of the college's transfer function. In the study's first phase, a Transfer Tracking System (TTS) was developed by conducting a detailed audit of all transcript requests from FCC students. Analyses of TTS data resulted in nine definitions of transfer activity, and six distinct transfer rates. In the study's second phase, a survey was conducted of all students identified by the TTS as having transferred successfully to a four-year institution in fall 1990 or spring 1991 (n=346), yielding a 51% response rate. Selected research findings included the following: (1) transfer rates ranged from 6.2% (calculated by using the number of transfers as the numerator, and total unduplicated credit enrollment as the denominator), to 30.6% (calculated by using students indicating intent to transfer and having earned at least 12 credits as the denominator); (2) 97.2% of the transfer student respondents reported that they were satisfied or very satisfied with the academic preparation for transfer they had received; (3) 87.2% reported being satisfied or very satisfied with their overall academic advising at FCC; (4) 60% had earned an associate in arts degree before transferring; (5) one-half of all respondents lost no credits in transfer, while nearly one-fourth lost seven or more credits; and (6) females outnumbered males 60% to 40%, and minority students (particularly African Americans) were virtually absent from the transfer population. A discussion of the study's implications is included. (MPH)