Martin University, Indiana’s only predominantly Black institution, announced a wind‑down after a brief operational pause failed to produce a rescue plan. Trustees cited declining enrollment, mounting debt and the Higher Learning Commission’s directive that led to the institution’s voluntary resignation of accreditation as of Dec. 31. The board said it will execute teach‑out plans and individualized transition supports; nearby institutions have signaled willingness to accept transfer students. Martin enrolled just 223 students in fall 2023 and relied heavily on Pell recipients and adult learners, demographic groups that increasingly populate at‑risk small private colleges. The closure underscores persistent sector-wide pressures: demographic headwinds, thin margins at small private institutions, and intensified accreditor scrutiny that can accelerate an institution’s downward trajectory when reserves and contingency plans are limited. Campus leaders: teach‑out agreements and clear student support plans are essential to protect student progress and preserve financial and academic records when small campuses close.