The purpose of this study was to describe and compare the perceptions of NCAA Division II and NCAA Division III college and university presidents regarding the impacts of intercollegiate athletics at their institutions. The data were collected with an anonymous online survey instrument developed by the researcher and sent via email using SurveyMonkey. The survey included Likert-type items that were divided into four subscales constructed from phenomena that were gleaned from the literature: (1) Financial Impact subscale, (2) Enrollment Impact subscale, (3) Marketing Impact subscale, and (4) Student Impact subscale. The survey was emailed to the entire population of all NCAA Division II and NCAA Division III college and university presidents (N=760). When data collection was complete, 323 responses (42.5%) were determined to be usable-147 NCAA Division II responses and 176 NCAA Division III responses. Four separate independent samples t-tests were used to compare the presidents' perceptions regarding the impacts of athletics on each of the four subscales.