In 1992, a study was conducted of the codes of ethics and relevant policy and procedural statements of the largest two-year colleges in each state. By analyzing these documents, the study sought to determine whether a common body of ethics is surfacing among the colleges surveyed; compare academic codes of ethics with business codes of ethics, and predict trends. Codes of ethics or related documents were requested from 233 two-year colleges from all 50 states; 100 colleges submitted their codes of ethics and another 68 responded that they had no such documents. Of the codes submitted, 30 were for trustees, 26 for faculty, 5 for administrators (excluding the president), and 6 for students. Six colleges each forwarded the codes of ethics of the American Association of University Professors and the National Education Association, and 5 adopted the codes of their state university systems. The analysis of these codes found 76 elements, categorized as adopted college policies; laws or actions of employees which would be impacted by laws; employees and their behavior; political activity of employees or the colleges; community service by employees or the colleges; and administration and enforcement of the codes of ethics. The academic codes of ethics had 37 elements in common with the codes of ethics of America's largest corporations, including provisions related to conflict of interest, use of college/company assets/equipment, employment opportunities, and employment of relatives. Additional study findings included the following: (1) a few colleges had ethics commissions comprised of faculty and administrators who evaluated the code of ethics periodically; (2) a few colleges required administrators and faculty to sign a printed statement indicating they have received a copy of the code of ethics and agreed to comply with it; and (3) at some colleges, administrators and faculty were invited to serve as guest lecturers on ethical issues. A list of predicted trends in the adoption and use of codes of ethics in community, junior, and technical colleges is attached. (JMC)