California College of the Arts announced it will close by the end of the 2026–27 academic year after persistent enrollment declines made its business model unsustainable; Vanderbilt University will acquire the San Francisco campus and establish new undergraduate and graduate programming there. CCA’s enrollment fell from nearly 2,000 in 2016 to about 1,308 in fall 2024, and recent budget gaps and layoffs preceded the closure decision. Vanderbilt’s acquisition extends a growing trend of larger institutions repurposing smaller campuses to expand geographic presence and program offerings. The transaction preserves some campus assets and archives, but it also accelerates a wave of closures and consolidations amid demographic pressures and financial strain in the nonprofit sector. Boards, CFOs and trustees should view the deal as a case study: closure governance must balance stewardship of academic programs, transition for students and staff, and legal/financial duties to creditors and grantors. For regional stakeholders, the sale reshapes local higher‑education ecosystems. Clarification: Campus acquisition by another nonprofit university often involves program transfers, archival preservation and negotiated terms for ongoing community use; it does not automatically preserve existing institutional identity or degree programs.