This article discusses Antioch College, a once-prominent countercultural institution that will be closed in 2008 due to serious financial problems. Antioch has been hemorrhaging money for years. Its Board of Trustees has decided to shutter the college by July 2008 and lay off most of its 160 staff and faculty members. Although the administration has vowed to reopen the college in 2012, the challenges will be immense. Over the decades, Antioch had many opportunities to secure its financial future. But raising money and building an endowment were never given the attention such activities get at other elite colleges. Steven W. Lawry, who has been president of Antioch College for little more than a year, says there was never a solid focus on fund raising among the board members or alumni, and no momentum in building an endowment. Instead, the college relied on tuition and contributions from Antioch University campuses for its income--which proved an inherently unstable model. After years of ignoring financial realities, Antioch College failed while its more-commercial branches survived. But perhaps the most damaging element was a confused and contradictory identity: Antioch was a house divided. To see the contrast between the old Antioch College and the new Antioch University, one need look no farther than across the street. Antioch University McGregor, one of the campuses for adult learning, more or less competes directly with Antioch College, preventing it from offering adult-education programs. The two campuses missed many opportunities to help each other.