This paper identifies and reviews some of the currently relevant components of collection development that contribute to the need for having a written collection development policy (CDP). The requisite elements for a pertinent and usable CDP are identified, being mindful of the need to customize these policies for each library's unique needs. The literature review validates the long-standing purposes of CDPs, quantitative studies of existing CDPs, and some of the inherent drawbacks in the creation and application of these policies. The author presents a case study demonstrating the processes necessary to create a CDP for a medium-sized academic library. This includes more current and relevant considerations for a modern CDP. The paper also includes best practices identified throughout the policy creation process, which have the potential to be applied to other similarly situated libraries.