This study examines public views on universities’ societal roles beyond education and research. A representative sample of 2089 U.S. citizens evaluates whether universities should engage in initiatives such as diversity, equity, and inclusion (DEI), free speech, and environmental sustainability, benchmarking views against corporations. We include an incentivized experiment asking respondents to allocate money between universities based on performance on various dimensions. Results show broad support for engagement in initiatives related to environmental sustainability, well-being, and free speech but opposition to political engagement. Views on DEI are polarized: Women and liberals reward universities excelling in DEI but conservatives and men penalize them, even when academic performance is equal. These findings highlight the polarization surrounding universities’ societal roles.