Hampshire College’s latest fiscal audit warns the small Massachusetts liberal‑arts school may not be able to continue operating if it cannot refinance looming debt. Auditors report the college breached bond covenants last June, moved more than $20 million of long‑term debt into the short term, and recorded a 13.9% drop in net assets for fiscal 2025. Lenders have extended a refinancing deadline to September 2026 as the college seeks investors and tries to demonstrate progress on a strategic turnaround plan.