With the emerging influence of universities on society, social expectations of universities' contributions continue to increase. Universities create a diverse range of value to society, including highly educated human resources, knowledge through research and development, and university operations. With the importance of university social responsibility and a recent trend in a proliferation of environment, society, and governance (ESG) issues in the higher education circle, universities' economic and social impact (ESI) and relevant information disclosure have been quantified been paid more attention. This study proposes a model to assess the economic and social impact as a monetary term based on rigorous theoretical reasoning and previous cases and applies the model to actual university activity. This model quantifies the ESI of the university from the three categories of university financial expense, social productivity, and knowledge spillover. This study presents evidence that the return on higher education is more remarkable at least 3.5 times of financial inputs. This study makes an academic contribution as a reference for studies that examine the economic and social impact of non-profit organizations and a practical contribution for university managers to communicate with their internal and external stakeholders.