In studying the state of the private sector of higher education, the data most often used have been economic in substance. The question is raised whether or not such factors as academic excellence, concern for human scale and individual personality, commitment to liberal learning, the college's role as a sanctuary of academic freedom, and its position as a standard setter shouldn't also be considered carefully. At Saint Mary College, whose mission is to provide for the Catholic liberal education of women, an outstanding evaluation team was brought in to assess the college's apostolic effectiveness within the religious community. The study evidenced that education for religious and ethical values and liberal education for full human development remain a strong foundation from which Saint Mary can respond to new challenges. The value of the Saint Mary case study as a possible model for evaluation of so elusive a goal as spiritual progress may be in the manner in which the independent team established and applied criteria to the college. (Author/MSE)