Ever wonder why institutions that serve working adults—even the ones that are mostly online—still have clubs, organizations, mascots, and graduation walks?

Never in recent memory have colleges, universities and their endowments been under more scrutiny—and more pressure to perform.

Even schools that follow costly compliance measures may see a downturn in donations under a proposed regulation by the IRS and Treasury.

Enrollment data told me what was happening. I wish I had spent more time understanding the conversations behind those numbers.