The Instructional Systems Technology Distance Master of Science program is one of the first degrees of its kind to be offered at Indiana University. Other than an initial on-campus orientation, it can be completed entirely via the Internet. The first course for this program was offered Fall of 2000 with 18 students enrolled. This same semester, a research team analyzed the monetary costs and pecuniary benefits of this program in a cost-benefit analysis. They identified the costs and benefits from the perspective of the department. Using these, they calculated the costs to benefits ration. Although the team concluded that the distance program had a high costs to benefits ratio, there are many valuable benefits which were not monetarily included in the analysis. This report also offers recommendations for further cost-benefit analyses of a distance education program. (Contains 16 references.) (Author/AEF)