California College of the Arts announced it will close by the end of 2026–27 as enrollment declines and budget gaps proved unsustainable; Vanderbilt University intends to buy the San Francisco campus and preserve programs and archives. CCA’s decision follows layoffs and a $20 million shortfall despite a recent $45 million fundraising push, and Vanderbilt said it will establish undergraduate and graduate programming on the site. The exit underscores growing closure risks for small private colleges and adds urgency to board-level planning: AGB guidance on governing closure explains trustees’ intensified fiduciary duties in wind‑down scenarios, from protecting student aid access to stewarding campus assets and community obligations. Boards confronting closures must coordinate accreditation, financial aid continuity, and community communications to minimize disruption.