As community anchors, postsecondary institutions have a responsibility to equitably increase and distribute resources in a way that improves the economic and cultural vitality of the community and its residents. This paper outlines two ways in which institutions can contribute value as engaged community members: as equitable economic engines; and as partners in strengthening communities. In the first role, institutions can contribute to a diverse and equitable workforce in their communities and regions by reducing education debt for students of color and students from low-income backgrounds, equitably increasing attainment rates, hiring and retaining faculty and staff of color and women, and supporting minority- and women-owned businesses (MWOBs) through purchasing their goods and offering contracts for their services. In the second role, institutions can serve as community partners who transform the economic and cultural fabrics of their communities by directing research toward local needs, sharing creative and artistic pursuits with the region, and engaging in meaningful discourse to improve the lives of individuals living nearby. The paper concludes by examining several frameworks through which institutions can measure both their economic and their social impact.