This report deals with a declaration of financial exigency as justification for terminating the appointments of presumptively tenured faculty. The text of this report was written by the members of the investigating committee. In accordance with Association practice, the text was then edited by the Association's staff and, as revised, with the concurrence of the investigating committee, was submitted to Committee A on Academic Freedom and Tenure. With the approval of Committee A, the report was subsequently sent to pertinent faculty members at Bennington College, to the administration of the college, to the chair of the board of trustees, and to other persons concerned in the report. In light of the responses received and with the editorial assistance of the Association's staff, this final report was published in the March-April 1995 issue of Academe.