Funders and program planners want to know: What does it cost to operate a high-quality after-school or summer program? This study answers that question, discovering that there is no "right" number. Cost varies substantially, depending on the characteristics of the participants, the goals of the program, who operates it and where it is located. Based on detailed cost data collected from 111 out-of-school-time programs in six cities, this report, along with an online calculator (www.wallacefoundation.org/cost-of-quality), provides cost averages and ranges for many common types of programs. (Six appendixes include: (1) Glossary of Terms; (2) Cost Study Methodology; (3) Quantifying Program Quality; (4) Quality Screener; (5) Survey of Budgets, Funding and Finances for Fiscal Year 2005; and (6) Supplementary Data Tables and Figures. Contains 33 endnotes, 34 figures and 24 tables.)