Hampshire College’s fiscal‑year audit warns the private Massachusetts college faces closure risk if it cannot refinance bonds and stabilize operations, citing covenant breaches, declining net assets and negative cash flow. Lenders extended refinancing deadlines while auditors included “going concern” language again. Separately, California College of the Arts announced it will wind down operations at the end of the academic year; Vanderbilt University plans to acquire the San Francisco campus and convert it into a new institute. The twin developments underscore mounting financial pressure on tuition‑dependent small institutions and the consolidation opportunities for wealthier universities.