Results are presented that were obtained from application of the defined methodology to the 1972-73 operating budget of McMaster University. Programs were defined as instructional (degree) programs, research programs, and professional activities/public service programs. The calculation of program costs requires that crossovers be made from the university's accounting system to the individual programs. Tabular results of the expenditure analysis are provided for (1) comparison of the relative costs of academic degree programs as reflected in the Ontario Ministry of Colleges and Universities operating-formula weights, with the weights applicable at McMaster, and (2) a summary of the costs that were allocated to research activities not directly related to instructional activities and that are not financed by sponsored research funds. (LBH)