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 level. There were ten indicators in the first group with significance at the .05 level and seven in the second group with significance at the .001 level. Both groups conform to Bowen's revenue theory of cost associated with the operations of colleges and universities. The first group also has a cultural values component observed by a number of the experts cited in this study. The second is very tightly associated with Bowen's revenue theory of cost and Bates and Santerre's for profit theory of economics. Future research needs to be done to investigate the effect of such use of those indicators and to cause change in their use by educating those entities who are informed by those indicators.