The economic impact of St. Cloud State University, Minnesota, on the local economy was studied. Using models developed by the American Council on Education, estimates were made of the dollar outlays by the local economic sectors that are associated with or influenced by the university. The focus is the measurable impacts, in dollar terms, of the existence and local spending of the university, its students, and its faculty and professional support staff. Data are provided on the following: local spending by faculty and staff, business property committed to university-related spending, impact on local credit base, unrealized local business volume, impacts on local government revenues, university-related real estate tax revenues, university-related state aid revenues, impact on local employment, impact on local income, and impact on an interindustry basis. It is concluded that university-related local spending stimulates local business, adds to local business property values, increases local business opportunities, and expands the credit base of local banks. It is suggested that the community also benefits from an increased variety of goods and services available locally as a result of the university's presence. It is concluded that the university is one of the major employers and sources of local spending and income in the area's economy. Estimation procedures, flow charts, and a sample faculty and staff questionnaire are included. (SW)