In the past decade, the assessment of undergraduate research experience (URE) and course-based undergraduate research (CURE) has evolved and significantly expanded, with hundreds of studies published in books, white papers, technical reports, and academic journals. Much of the work has focused on the impact of URE and CURE on students, leading to new insights about the importance of mentoring and student self-efficacy and the identification of essential features of URE and CURE. Studies focusing on the impact of URE on faculty members and institutions have remained limited. The advent of a variety of assessment instruments and the spread of this high-impact practice across all academic fields suggest that the timing is ripe for new areas of study.