This report describes the results of a study of the cost and cost effectiveness of 27 summer reading programs, carried through as part of a large-scale evaluation of compensatory reading programs. Three other reports describe cost and cost-effectiveness studies of programs during the regular school year. On an instructional-hour basis, the total per-student-hour cost was consistently over twice as large for summer programs, as a result of smaller class sizes, more highly qualified staff, and a larger proportion of time devoted to reading. Analyses of cost effectiveness were unable to explain why particular summer programs were above average in effectiveness. (AA)