The Transfer Assembly is a research effort of the Los Angeles-based Center for the Study of Community Colleges. The Assembly defines transfer students as "all students entering a two-year college in a given year who have no prior college experience, who complete at least 12 credit units at the college, and who subsequently enroll at a senior institution." Every year since 1989, colleges participating in the Assembly have provided student cohort data, and the Assembly calculates transfer rates for the colleges and provides data from all colleges in an annual report. In 1990 and 1991, Jefferson Community College (JCC), in Louisville, Kentucky, participated in the Transfer Assembly. Once student data were obtained for the 1,483 first-time freshmen for fall 1985, a cohort of approximately 816 were identified each of whom had earned a minimum of 12 credit hours. By contacting all public and private four-year institutions in Kentucky, data were obtained on students in the JCC cohort who had transferred to senior institutions. Study results for the 1985 cohort included the following: (1) Hispanics and Caucasians in the 1985 cohort were most likely to earn the requisite number of credit hours; (2) 27.7% of the cohort had transferred to a four-year institution, with Asians showing the highest transfer rate (50%); and (3) by modifying the Assembly's definition of transfer through removal of the 87 students in the cohort still enrolled at JCC, an adjusted transfer rate of 31% was generated. The paper discusses limitations of Transfer Assembly definition of transfer rate; reviews JCC 1985 cohort findings; and provides a revised formula for calculating transfer. Data tables and references are included. (PAA)