California College of the Arts announced it will close after the 2026–27 academic year amid unsustainable finances and enrollment declines; Vanderbilt University agreed to acquire the San Francisco campus and develop an institute to continue arts programming. CCA leaders said the tuition-driven model and demographic shifts left its long-term independence unattainable despite recent major gifts and a last-year fundraising push. Vanderbilt plans to operate an arts institute and preserve elements of CCA’s legacy, including archives and exhibition space, while integrating the site into its broader national campus strategy. The transaction reflects a trend of larger, better-capitalized institutions absorbing smaller specialized colleges as market pressures mount. The deal raises questions for trustees and provosts about stewardship of programmatic legacies, transfer pathways for students, and redeployment of faculty and staff. Boards should expect increased scrutiny from accreditors and community stakeholders during the wind‑down and transition.