If the college failed to properly ensure the railroad against loss, wouldn't that be mismanagement? Probably a moot point, as once an organization decides against something it's pretty hard to change their mind.
Our Boy Scout Troop had a 90+ year with our sponsoring church. One woman on the board pretty much convinced the right people and we were pushed out. Luckily another church nearby was ecstatic to sponsor us.
The point is no matter how enthusiastic your group is, you never know who's conspiring behind your back because you don't fit into their agenda.