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This paper describes the cost-benefits and the return on investment of one consortium comprised of five separately administered libraries in the University of Colorado (CU) System. With a long history of collaboration, the libraries have developed an ideal cooperative arrangement for acquiring electronic content that is accessible across all campuses. The size and flexibility of this institution-based consortium allows it to be responsive and successful in collaborating across four campuses despite different sized budgets and unique local and institutional constraints. To demonstrate the value of jointly leveraging library budgets to university administrators, the authors conducted a consortium level cost-benefit analysis and describe the methodology used to quantify return on the university's investment. This paper addresses both qualitative and quantitative outcomes and underscores how consortial participation has become an essential way of doing business. [ABSTRACT FROM AUTHOR]