The purpose of this study is to understand how strategy and strategic decision-making have contributed to financial strength at those small, private, non-profit, less-selective, tuition-dependent institutions with small endowments that have established financial stability. Interviews were conducted of participants at three institutions, including presidents, senior executives, faculty leaders, and trustees. Qualitative research methods were used, including a case-study design and thematic analysis to analyze data from the three institutions. Financially stable institutions were defined as those that have, over the past five years, realized stable or positive trends in revenues or enrollment over that period, as well as at least two to three years of balanced budgets or modest operating surpluses but that may have experienced occasional operating deficits. Sites selected were institutions that enroll roughly between 500 and 3,000 students, admit 60%-70% or more of their applicants for admission, and with an endowment per full-time equivalent (FTE) value of $30,000 or less. The establishment of financial stability at all three institutions began with leadership making decisions in response to financial distress. All three chose to implement practices of fiscal discipline and retrenchment and added academic or co-curricular programs to increase enrollment and revenue, including two that chose to expand to additional campuses. At all three institutions those decisions led to the development of a strategic process that helped to create a culture of fiscal discipline, revenue growth, and strengthened financial stability. All three institutions created a process through which they evaluate the revenue and expense impact of all academic, co-curricular, and other programs intended to generate positive net revenue after expenses. The conclusions of this study provide guidance to leaders at small, private, non-profit, less-selective, tuition-dependent institutions with small endowments in how to establish financial stability at their institutions. [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.]