Historically Black Colleges and Universities athletics may be at risk of continuing in the future, primarily due to an inability to secure the funding that non- Historically Black Colleges and University institutions and programs have been able to garner historically through the National Collegiate Athletic Association. Many Historically Black Colleges and Universities athletic departments have undergone significant reductions in their athletic department programming. The problem researched in this study was the lack of sufficient revenue generated by Historically Black Colleges and Universities to reinvest into their programs compared to peer institutions within the same division. This study explored the financial challenges facing athletic departments, specifically addressing revenues and expenses between Historically Black Colleges and Universities and their Predominantly White Institution peers. A series of ANOVAs and Mann-Whitney U tests were conducted to assess for differences in athletic department expenses and revenues by type of school and division. The findings were not statistically significant for athletic department expenses and revenues by type of school. The findings were statistically significant for athletic department expenses by division. A thorough examination of athletic department expenses and revenues revealed that Historically Black Colleges and Universities, particularly in Division I, are willing to invest significantly in their athletic programs to achieve national recognition. In contrast, Division II institutions face constraints that limit their financial commitments to athletics, emphasizing the multifaceted financial decisions these institutions must make. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]