The Information Exchange Procedures (IEP) cost study project of the National Center for Higher Education Management Systems is described and its applicability to six major research universities (MRU) is assessed in this pilot study. The IEP enables peer institutions to compare information about their resources, activities, and educational outcomes. The technical findings of six universities (University of Colorado, University of Illinois, University of Kansas, Purdue University, State University of New York at Stony Brook, University of Washington) based on their experience in implementing IEP are discussed. Eight steps that each university followed in implementing the costing procedure are described. A discussion of the major findings covers the areas of faculty activity analysis, departmental research and the joint-product problem, MRU accounting procedures, modifications in the full-cost procedures of IEP, discipline and student-program data, and modifications to NCHEMS's costing and data management software. The strengths and weaknesses of IEP for MRUs are analyzed. It is concluded that although the data were not substantively or technically comparable, advances had been made through the pilot study toward achieving technical comparability between institutions. The need for substantive comparability in the IEP is noted and discussed. Potential applications of cost data for each pilot-test institution are described. (SF)