“…For private institutions, tuition dollars are an essential element to institutional short and long-term financial sustainability (Lyken-Segosebe & Shepherd, 2013;Doss et al, 2015). Competition is fierce to attract students, which is generally the main source of revenue for small, private institutions (Doss et al, 2015;Gephardt et al, 2018). A cohort of comparable institutions illustrates approximately 80% dependency upon tuition, room, and board for revenue on an annual basis, according to Moody's Investors Service (Golden et al, 2021).…”