Impacts to postsecondary institutions' enrollment and financial positions that resulted from the COVID-19 pandemic were examined in this study. Taking a quantitative observational approach, enrollment trends as they relate to changes in tuition and fee revenue, unrestricted cash on hand, and unrestricted investments held are analyzed to determine the extent of exposure faced by postsecondary institutions caused by the COVID-19 pandemic. Using the results from this statistical analysis, the need for postsecondary institutions to maintain financial contingency funds in the form of liquid reserves are highlighted and emphasized through the lens of Bowen's revenue theory of cost. The majority of the postsecondary institutions in the sample population reported declines in enrollment and revenue from tuition and fees immediately following the COVID-19 pandemic. The distribution of Higher Education Emergency Relief Funds (HEERF) to postsecondary institutions as part of the United States government's COVID-19 relief efforts helped cushion the financial impact on institutions. Overall, it was concluded that many postsecondary institutions are at risk of becoming insolvent should enrollment decline suddenly. Impending events that could have adverse effects on postsecondary enrollment and financial stability were also discussed in the last chapter of this study. [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.]