This report profiles baccalaureate colleges, examining the elements that combine to create their special educational environment. Based on data from the Integrated Postsecondary Education Data System (IPEDS) surveys conducted by the U.S. Department of Education and the "Campus Trends" reports published by the American Council on Education, it found that typical baccalaureate colleges continue to exemplify the long-held popular image of a college, namely a small, 4-year residential institution. Between 1980 and 1990, one in six institutions of higher education in the United States was a baccalaureate college. Most students enrolled are full-time, nearly one in six are students of color, and almost two-thirds of full-time undergraduates receive some form of student financial aid. The dependence of baccalaureate colleges on tuition and fees as a primary source of revenue has increased, from 46 percent of revenues in 1980-81 to 52 percent in 1990-91. The proportion of education and general expenditures being spent on scholarships and fellowships is also increasing, from 12 percent in 1980-81 to 20 percent in 1990-91. (MDM)