As a brief review of retention and graduation rate policy, in 2006 the Board of Governors revised Code Section 400.1.5 on "Improving Retention and Graduation Rates" and asked each campus to establish, in consultation with the University of North Carolina General Administration (UNC-GA), goals for increasing retention and graduation rates for the period 2008-09 through 2012-13. The goals included: (1) freshman-to-sophomore year retention rates for first-time full-time freshmen; (2) four-year graduation rates for first-time full-time freshmen; (3) six-year graduation rates for first-time full-time freshmen; and (4) four-year graduation rates for North Carolina Community College System (NCCCS) associate's degree recipients who transferred to UNC institutions. It is important to understand the context for these measures. The measures are set by the US Department of Education. Data regarding these measures are collected and results made available for comparison purposes by the Integrated Postsecondary Education Data System (IPEDS). Not all undergraduates are included in the traditional IPEDS-reported measures. IPEDS measures include only first-time full-time freshmen enrolled in fall semester. Part-time freshmen, those who have transferred from one institution to another, and those who enrolled in spring are not included. The outcomes for these excluded students are less well known. This report hopes to add context and additional measures to provide perspective on University of North Carolina student success.