Hampshire College’s latest audit warns of a material risk to the institution’s survival if it cannot refinance debt. The private Massachusetts college breached bond covenants last June; auditors said lenders extended refinancing deadlines to September as Hampshire seeks investors and a demonstrable turnaround plan. The audit shows recurring operating deficits and a 13.9% drop in net assets for the fiscal year, with total debt pressed to short-term liabilities. The college’s ‘going concern’ language returns after earlier near-closures, signaling to trustees and potential donors that capital and liquidity are urgent priorities. For financial officers and trustees at small private colleges, Hampshire’s situation is an alarm: bond covenant compliance, enrollment volatility and limited endowment scale can quickly create existential risk absent rapid refinancing or transformational revenue adjustments.