During the past decade many single-sex colleges became coeducational and many religious colleges became secular. What have been the effects of these strategic institutional changes? Examined are the environmental, educational, and financial consequences at 40 private colleges that changed their policies. The evidence shows that broader missions do tend to attract more students. However, colleges pay a significant environmental price for this growth. Many of the colleges lost a large measure of the special attributes that make small colleges educationally effective and attractive to prospective students. (Editor/MSE)