This conference seeks to establish the foundations of a research agenda for determining the performance of tax-paying colleges and universities and the contributions of these institutions to societal goals. This paper advances this agenda by considering lessons learned from research on “traditional” (that is, public and private not-for-profit) colleges and universities. The paper first identifies the societal purposes of higher education and then considers what we know from research about how well traditional higher education institutions achieve these societal purposes. The paper concludes with recommendations drawn from research on traditional colleges and universities that may help guide the establishment of a research agenda on the performance and accomplishments of tax-paying colleges and universities.