Institutional accountability for performance and quality is an evolving topic with immeasurable appeal. Data and sources are abundant, but validated measures and meaningful information are scarce. While pursuing an approach centered on construct validity, this study transforms complex data into useful information. Correlation analysis reveals variables of primary interest to consumers, college seekers, and their sponsors while choosing a college. In addition, the research employs a theoretical framework and factor analysis to delineate image and reputation as two dimensions likely to inspire decision makers, university administrators, and regulatory officials in their efforts to demonstrate accountability for performance and quality. Regression analysis illuminates the nature of relationships between those factors and graduation rates. In essence, the study clarifies some characteristics that purport to measure institutional performance and quality. A key finding is the inconsistency in variances between the upper and lower segments of the graduation rate spectrum, which limits the scope of this work. Furthermore, the study points to the need to address model specification and construct measurement limitations and it highlights some areas for future research. More importantly, it directs the attention of researchers, evaluators, and methodologists toward some characteristics of graduation rate estimates and troublesome inconsistencies in variance patterns. A study by-product is the strong correspondence between a well-known, yet controversial, reputation score and an overarching reputation construct. (Contains 4 tables and 1 figure.)