In order to determine the economic impact of a college on its local community, the short-term cash-flow relationships are translated into models representing the economic components and the transactions that typically occur. A series of models derived from an American Council on Education publication are presented for the use of higher education professionals in Vermont. They are presented in the form of equations, to which the user may apply the relevant data collected for his own institution or community. The models represent these economic activities: college related local business volume (local expenditures by the college, faculty and staff, students, and visitors to the college), and college-related revenues received by local governments (taxes and other payments by the college, taxes and other payments by student living groups, and property and non-property taxes and other payments by faculty and staff). An appendix lists the equations' variables and the data elements they represent, and suggests sources for the data. Notes on the multiplier effect in economic transaction are also appended. (MSE)