Evaluating college and university faculty teaching performance is necessary for multiple reasons, including assurance of student learning and informing administrative decision-making. A holistic system of evaluating university teaching is necessary for reasons including the limitations of student evaluations and the complexity of assessing teaching performance. University faculty members were interviewed to determine their perceptions of the multi-source method of evaluating (MME) teaching performance after a revision of policies and procedures was approved. The MME is comprised of three primary data sources: student evaluations, instructor reflections describing attributes of their own teaching such as the teaching philosophy, and a formative external review. While the faculty perceived the MME as a useful tool, they still believe it operates more to produce a summative product than work as a formative process. According to the results, a more formative process would be supported by addressing several factors, including timing of reflections, accountability from year to year, and mentoring. Improving these constraints may make the proposed MME a more appropriate tool for formative review of teaching.