Administrators were interviewed at Franklin and Marshall College, a small private liberal arts college in Pennsylvania, to learn the impact of federal regulation on the institution. These issues were discussed: (1) what federal regulations affect the interviewee's responsibilities and which are of greatest concern; (2) how the interviewee assesses the costs and benefits of the regulations; (3) ways in which the tone and operation of the offices have changed; (4) what files or position papers might aid in analyzing the changes; (5) how regulations have shaped the college as an institution; and (6) how the interviewee assesses the administration of the regulations and their general consequences. A discussion of the survey results includes the following issues and elements: financial and time costs; regulatory costs and the institution as an employer; occupational safety; physical plant; legal costs; the Employee Retirement Income Security Act; the college as a nonprofit institution; Internal Revenue Service reports and rules; nondiscrimination regulations; the Higher Education General Information Survey; sex discrimination and Title IX of the Education Amendments of 1972; equal employment; the Buckley Amendment on confidentiality of student records; certifications of student enrollment status for various government purposes; enrollment of veterans; student aid programs; and affirmative action. Regulations and the college's future are discussed. (MSE)