Higher education accountability enjoys widespread support amongst state policymakers. This study explores the effect of one popular state-level public policy accountability measure- performance-based funding (PBF)- on Hispanic-serving institutions (HSI). Though extensive research exists on the role of PBF in U.S. postsecondary education, little of it focuses on HSIs. Using an institution-year panel dataset constructed from the Integrated Postsecondary Education Data System, the Office of Postsecondary Education, InformEd States, and other sources, I use recent advances in econometric analysis to draw credibly causal results for the impact of PBF on college-level outcome measures, enrollment composition, and selectivity in HSIs. The primary findings from this study include a negative effect on Hispanic bachelor's degree attainment in public four-year HSIs and Hispanic associate degree attainment in public two-year HSIs. Though this study focuses on HSIs, these findings are relevant for all U.S. higher education leaders, public policymakers, and researchers exploring public accountability efforts with equity implications.