Decreasing financial health damages an organization's reputation and economic viability to survive. Historically Black Colleges and Universities (HBCUs) leaders must strive to improve their financial health to protect their institution's reputation and risk of closure. Grounded in strategic enrollment management theory, the purpose of this quantitative ex-post facto study was to examine the relationship between student enrollment, student retention, alumni giving, and financial health of HBCUs. The participants were 101 HBCUs collected from the National Center for Education Statistics and the Voluntary Support of Education databases, from 2020 to 2022. The results of the multiple linear regression analysis showed that the overall model was statistically significant F(3, 200) = 7.828, p < 0.001, R[superscript 2] = 0.105. In the final model, enrollment ([beta] = -0.313, t = -4.019, p < 0.001) and alumni giving ([beta] = 0.288, t = 3.708, p < 0.001) were statistically significant. However, retention did not reach statistical significant. A key recommendation is for business leaders to drive efficiency of enrollment and alumni giving operations, to increase the organization's financial health, and to develop strategies to mitigate the risk and improve the viability of its operations. The implications for positive social change include the potential for higher education financial managers and business leaders to improve the viability of their operations, thereby increasing enrollment for low-income ethnic groups and retention, enhancing institutional revenues, improving education and job creation, and accelerating business ownership and entrepreneurship. As a result, communities' economic and social well-being will improve. [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.]