Financial audits and campus announcements this month underscored the precarious finances facing smaller colleges. Hampshire College’s latest audit warns of potential closure risk if the institution cannot refinance debt and resolve covenant breaches; auditors added 'going concern' language after repeated operating deficits and bond covenant violations. Separately, California College of the Arts announced it will close at the end of the academic year amid persistent deficits; Vanderbilt University plans to acquire its San Francisco campus and repurpose it for graduate and undergraduate programming. The moves reflect a wave of consolidations and campus acquisitions as well‑resourced universities expand while fiscally strapped institutions wind down. The developments matter for regional access, program continuity, and faculty employment: bond markets, philanthropic pledges, and acquisition offers will determine whether other small colleges can be stabilized or absorbed by larger institutions.