Calls for accountability in higher education are prompted in part by questions concerning whether colleges and universities use their resources effectively to promote student learning. Unfortunately, too little is known about whether money matters to desired outcomes of college. Using students' responses to the 2004 administration of the National Survey of Student Engagement (NSSE) in concert with institutional data from the Integrated Postsecondary Education Data System (IPEDS) and the College Board, this study examined the relationships between educational expenditures, student engagement and selected student self-reported learning outcomes, controlling for student and institutional characteristics. Results indicated that expenditures were modestly related to student engagement and learning outcomes. However, the nature of these relationships differed, depending on the engagement/outcome measure and student year in school.