This study aimed to replicate, revise, and validate the model of Institutional Performance in Graduation Rate developed by Fung based on Tinto and Astin theories. The sample included 706 public, 4-year, Title IV postsecondary institutions in the United States. Two CFA-SEM models were conducted with the IPEDS 2011-2017 data. The relationships among student background, finance, academic and social environment, retention rate, and graduation rate were reevaluated and remodeled. The final best fitting model reflects possible changes in the factors of student finance and academic environment in higher education since 2010. The practical application of the best fitting model was discussed, including the evaluation of an institution's graduation rate performance based on four latent factors.