This study used the case study method and focus group interviews to examine: (1) which of the economic impacts of a small liberal arts college on its community are important; (2) whether economic impact can be estimated economic impact studies; and (3) whether such studies influence public opinion about the college's economic impact. Two focus groups, each with nine participants, were conducted. The participants were community leaders in Mount Pleasant, Iowa, the home of Iowa Wesleyan College. After the first focus group, an economic impact study was conducted and its results disseminated via the local newspaper and a local radio station. Following dissemination, the second focus group was held. Both groups identified consumption benefits and college-related local business volume as the most important positive economic impacts of the college, and foregone real estate taxes as the major negative impact. The economic impact study had little or no effect on focus group attitudes and no participants in the second group mentioned hearing or reading about the study results. Results suggest economic impact studies may be ineffective for public relations since they do not promote consumption benefits, they estimate unimportant impacts, and they do not change attitudes about the economic importance of colleges. (Contains 14 references.) (DB)