This study searches for a set of common indicators that contributed to the ultimate closure of 40 colleges and universities between 1965 and 2005. From research on related literature, a set of 31 contributing factors was identified by published experts and observers in higher education. That set of indicators was then used as a list of 31 questions answered by data found in newspaper articles, professional journals, published research work, published institutional records, data taken from the Department of Education, data taken from IPEDS, data published in historical recounts of the colleges of interest, etc. The data was accumulated in the form of yes/no responses to the 31 questions. Although the study involved only 40 colleges and universities this population represents the majority of institutions that pass the restrictions of limitations and delimitations described in the full document. The complete data set was processed using SPSS which produced ANOVA tables and level of statistical significance for each indicator question. The results indicate that out of the 31 original indicator questions there were two groups of statistically significant indicators. The larger group of indicators having statistical significance at the .05 level encompassed the smaller group having statistical significance at the .001 …