Hampshire College fell well short of an ambitious fall enrollment target—accepting a record number of applicants but enrolling only 56% of its new‑student goal—after a shift to direct admissions exposed operational challenges in yield management. The shortfall underscores financial vulnerability at small liberal‑arts colleges that set enrollment targets tied to fiscal survival. In Oregon, the Higher Education Coordinating Commission approved a package of recommendations—including regular program audits and potential mergers—aimed at confronting statewide university deficits and declining enrollment. Together, these developments reinforce the urgency for institutions to refine recruitment strategy, yield analytics, program rationalization and contingency budgeting. Trustees and presidents should run stress tests on enrollment scenarios and accelerate retention and work‑aligned credential strategies. (Sources: institutional reporting; state commission report.)