Graduation outcomes are analyzed at public and private baccalaureate colleges and universities in the United States. The purpose is to determine the effect of institutional characteristics on a binary indicator of college graduation. The effect of the percentage of Pell grant recipients on graduation outcomes is of primary interest, controlling for other covariates. Institutional characteristics have a major effect on college graduation outcomes. Key institutional variables that appear to have the largest effect on graduation outcomes include percent Pell recipients, private college status, and institutional average SAT scores. College size and expenditures per FTE student have a direct but more moderate relationship to graduation outcomes. Implications for baccalaureate education are discussed. (Contains 1 figure and 9 tables.)