The Northwest Commission on Colleges and Universities lifted probation for North Idaho College after a multi‑year remediation effort, signaling a return to compliance despite lingering gaps in assessment and metrics. NWCCU praised NIC’s enrollment rebound and governance fixes after earlier leadership turmoil and financial strain nearly cost the college accreditation and its access to federal aid. By contrast, Hampshire College’s latest audit warns the liberal‑arts institution faces potential closure unless it can refinance $24.9 million of bonds and reverse recurring operating deficits. Auditors flagged negative cash flow, declining net assets, and inability to refund bonds as immediate threats to institutional viability. The split outcomes highlight the range of fiscal and governance risks confronting small and mid‑sized colleges. Trustees and CFOs should note the critical role of clear governance, contingency financing, and transparent stakeholder engagement in both regaining accreditation and avoiding closure.