This paper examines the use of community based economic impact studies as service learning tools for undergraduate business programs. Economic impact studies are used to measure the economic benefits of a variety of activities such as community redevelopment, tourism, and expansions of existing facilities for both private and public producers. Economic impact studies when structured as service learning projects provide an experiential learning environment for business students, affording them with the opportunity of applying the knowledge and skills learned in the classroom while at the same time engaging in community service. Such projects can expose students to the importance of corporate social responsibility and help involved faculty to remain current in their fields of expertise while providing pedagogical and practice oriented avenues for research. Clients gain access to expertise in a cost effective manner. When done effectively, service learning projects in undergraduate business programs generate goodwill and favorable publicity while helping academic institutions meet mission statements and address specific accreditation standards.