This dissertation investigates the use of the 2015-2020 Tennessee Higher Education Commission's (THEC) outcomes-based funding model (also known as the performance-based or progression rate model) applied to one college in the Virginia Community College System (VCCS) during a recessionary period (2007-2009). The VCCS currently employs an enrollment-based funding model (also known as the incentive-based or base adequacy model), using a base/plus strategy that includes enrollment data. This study examines the implications of using THEC's formula, excluding enrollment data, from one Virginia Community College to evaluate any funding differences that could potentially adjust financial support for community colleges in the Commonwealth of Virginia. The data analysis, using a macro-enabled spreadsheet formula, exposes the differences between an enrollment-based model and an outcomes-based model within a community college setting and explores policy implications for applying both models to a statewide system. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]