This single instrumental case study examined the implicit opportunity costs of regulatory compliance at a small liberal arts college (SLAC) in the Midwest. Regulatory compliance was defined broadly, including government sources from all levels as well as institutional accreditation and the National Collegiate Athletic Association (NCAA). I found that regulatory compliance had significant impacts on labor at the SLAC involved in the study. The first theme I found was that regulatory compliance drove many of the staff to perform multiple roles, or, as they described it, to wear many hats. The second theme I identified was that the work of regulatory compliance led those performing the de-centralized duties to become overwhelmed with their responsibilities. The third theme then was that regulatory compliance had altered the institution, as both a strain on its ethos and a driver for positive change. Utilizing the microeconomic concept of implicit cost as a form of opportunity cost, I analyzed the results of this study to discover the substance of the next-best alternative sacrificed for compliance. For individual employees, the implicit cost was self, wherein they would reinvest extra work hours back into their own well-being and relationships. For the institution, there were sacrifices of time with students, what positions were hired, and employee specialization. For society, sacrifices came from common sense, excellence toward achieving policy goals, and innovation toward excellence. I concluded by providing recommendations for policy, practice, and further research. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]