In 2009, the VALE Reference Committee conducted a survey which determined that the traditional reference desk is still the primary means of delivering reference help in academic libraries. Based on the result of this survey, the Committee decided to find out what type of information is collected during reference transactions. In February 2011, the Committee sent a short questionnaire to academic library directors asking about methods and technologies used for collecting data about reference encounters and how this information was used. One of the goals for this quick collection of information was to help evaluate and possibly recommend a reference data tool or service provider to VALE libraries. After the presentation of the results, a group of panelists will discuss the understanding of what makes a reference transaction, the tools used for collecting data, and a variety of reasons given for collecting the data.