University knowledge and technology transfer (UKTT) has been growing in importance both in academic research and practice. A critical question in managing this activity is how to evaluate its effectiveness. The literature shows an increasing number of studies done to address this question; however, it also reveals important gaps that need more research. One novel approach is to evaluate the effectiveness of this activity from an organizational point of view, which is to measure how much knowledge and technology transfer from a university fulfills the mission of the institution. This research develops a Hierarchical Decision Model (HDM) to measure the contribution values of various knowledge and technology transfer mechanisms to the achievement of the mission. The performance values obtained from the university under investigation are applied to the model to develop a Knowledge and Technology Transfer Effectiveness Index for that university. The Index helps an academic institution assess the current performance of its knowledge and technology transfer with respect to its mission.