Martin University, Indiana’s only historically Black university, will close permanently after its Board of Trustees voted to cease operations, citing unsustainable finances. The shutdown shows how access-oriented colleges without endowments become structurally dependent on volatile public funding, philanthropy, and enrollment volume. When any one of those inputs weakens, accreditation and creditor obligations can force liquidation, shifting educational infrastructure toward larger institutions with stronger balance sheets. Endowment scarcity turns budget shocks into existential threats. According to The EDU Ledger, Martin’s trustees concluded that the school’s long-standing financial model could not support