This study evaluated ecotourism in Ely, Minnesota, gateway to the Boundary Waters Canoe Area Wilderness and the International Wolf Center. The study used Flora and Flora's (2008) community capitals framework to assess ecotourism effects on the community's capitals namely, natural, cultural, financial, built, human, social, and political capitals. For each of these capitals; postal and email correspondences, phone calls, and internet searches were used to collect government surveys, statistics, and documentary and photographic data. These data were presented in tables and analyzed using a descriptive method. The analyses revealed a positive effect of ecotourism on all the capitals and suggested that the community capital framework is a suitable model for ecotourism assessment and that ecotourism is contributing to the development of the community of Ely. Suggestions for further research were also offered.