The closure decision at Anna Maria College illustrates how enrollment declines, limited liquidity, and regulatory oversight can converge into an irreversible timeline for institutions under stress. Leaders cited years of financial pressure and inability to sustain operations, while deposit trends briefly improved before the board’s final vote. Federal enrollment data show long-term headcount decline from 2019 to 2024, and the college carried a small endowment with donor restrictions. Audits cited high debt levels and low reserves that reduced the institution’s margin to respond to regulatory compliance needs. The Massachusetts Department of Higher Education previously warned it could not verify sufficient resources, while the accreditor expressed concerns about institutional resources and financial stability. The closure also points to a broader risk pattern in the sector: when accreditation compliance, state oversight, and enrollment downturn align, institutions can move quickly toward permanent shutdown.