The impact and effectiveness of various faculty development programs is the focus of this report from the Association of American Colleges. Twenty faculty development programs around the country are examined. Faculty development is defined in this study as all activities designed to improve the performance of faculty as teachers, scholars, advisors, and contributors to campus life. Four major categories are presented: (1) professional development; (2) instructional development; (3) curricular change; and (4) organizational change. Each of the twenty programs are examined for their effectiveness in meeting the objectives of these four categories. The findings indicate that all but one of the colleges had specific new programs designed to enhance the professional growth of faculty. Programs aimed at the improvement of teaching were often the least successful. Programs that prepared faculty for curriculum change were relatively successful and few institutions gave attention to organizational change as a means of encouraging faculty development. The key factors of successful development programs included: clarity of purpose, careful planning, on-campus communication, program and personnel management, faculty knowledge of faculty development, program evaluation, individual and group activity, and variety and flexibility. An annotated bibliography is included. (SF)