The quality of university management depends on numerous factors, including the consequences it has on the local community. While the consequences have numerous and hardly equitable aspects, this article suggests a synthetic model for the assessment of university management, which considers a full range of existing effects. The research methodology is based on the balanced scorecard concept. Verification, using the available empirical data for comparison of two universities, confirms the model's validity. Thus, the article recommends this model for solving a whole range of university management issues, especially in the interaction of higher education entities with outer and inner communities.