From the Baseball Hall of Fame Web Site...
The Hall of Fame's mission is to preserve the sport's history, honor excellence within the game and make a connection between the generations of people who enjoy baseball. Likewise the institution functions as three entities under one roof with a museum, the actual Hall of Fame and a research library. With these parts working together the Museum is committed to fulfilling its mission by:

Collecting, through donation, baseball artifacts, works of art, literature, photographs, memorabilia and related materials which focus on the history of the game over time, its players and those elected to the Hall of Fame.

Preserving the collections by adhering to professional museum standards with respect to conservation and maintaining a permanent record of holdings through documentation, study, research, cataloging and publication.

Exhibiting material in permanent gallery space, organizing on-site changing exhibitions on various themes, with works from the Hall of Fame collections or other sources, working with other individuals or organizations to exhibit loaned material of significance to baseball and providing related research facilities.

Interpreting artifacts through its exhibition and education programs to enhance awareness, understanding and appreciation of the game for a diverse audience. Honoring, by enshrinement, those individuals who had exceptional careers, and recognizing others for their significant achievements.

Honoring, by enshrinement, those individuals who had exceptional careers, and recognizing others for their significant achievements.