This study concerns performance evaluation of the research-funding agencies focused on Korea Science and Engineering Foundation(KOSEF). On the basis of the constituents approach and the systems approach of organizational effectiveness theory, the evaluation items are derived reflecting generic characteristics of the research-funding agencies, and their priorities are determined using analytic hierarchy process(AHP). Three groups of constituents with differing interest and expections are identified, and their perceptions on the importance of the evaluation items are measured through questionnaire survey. Analyses show that the evaluation items perceived important by each constituency are significant different from one another. The implications of the result to the Government and KOSEF are discussed.