This article uses originally collected survey data to determine how leaders of private schools in the nation's oldest school-voucher program define accountability and perceive the state agency charged with holding them accountable. The results indicate voucher-school administrators' views on accountability are influenced by their school's level of dependence on government revenues, their school's academic performance, and their own personal views on regulation. The findings add to a body of research showing how accountability frameworks and perceptions influence the actions and performance of organizations and their stakeholders.