Some D3 schools have very large sports teams, to bring in paying students. That doesn't seem to have been the case here.
When looking at schools for my youngest son, I found the Forbes College Financial Grades:
https://www.forbes.com/sites/e...ges/?sh=310641b71097
They give a letter grade for the financial health of hundreds of private colleges and universities, from A+ to D. Birmingham Southern has a C-, and is listed among the "Dunces" - schools whose ratings dropped a lot in one year.
Probably worth checking out if you are looking at small or private schools.