Martin University announced an institutional closure after trustees concluded declining enrollment, mounting debt and limited operating cash made continued operations unsustainable. The Indianapolis private university, the state’s only predominantly Black institution, had paused operations in December and is now moving to wind down while arranging teach-out agreements for remaining students. Trustees cited falling headcounts—down from nearly 1,000 in 2010 to roughly 223 in fall 2023—and a pattern of audit warnings about fiscal instability as central to the decision. The university’s accreditor signalled it had instructed a cessation of operations, and Martin has begun coordinating individualized transfer and teach-out plans with nearby institutions to protect student progress. Community leaders and regional partners are engaged in transition planning; local universities have expressed willingness to accept students. The closure underscores a broader wave of small-college failures and raises questions about state support, accreditation oversight, and sector strategies for sustaining mission-driven, minority‑serving institutions.