The University of Chicago reported a 44% reduction in its fiscal‑2025 budget deficit to $160 million after multi‑year belt‑tightening and revenue diversification, the university’s CFO said. The turnaround followed staff reductions, cuts to doctoral cohorts and spending controls; university leaders cautioned the gains are a start, not a finish, given federal research uncertainty. In a separate governance shock, Northeastern Technical College’s board rescinded an earlier resignation agreement and fired President Kyle Wagner immediately amid accreditation and dual‑enrollment controversies that had prompted state and inspector general scrutiny. The board launched a presidential search. Taken together, these developments underscore two pressures for trustees and presidents: near‑term financial triage to stabilize operations, and reputational risk that can prompt sudden leadership changes. Board chairs should prioritize transparent accreditation remediation plans and contingency fiscal scenarios.