Christian colleges and universities are a small but important subset of higher education institutions. Financial pressures at these private four-year institutions continue to drive institutional leaders towards innovation and new sources of revenue in an attempt to achieve financial security. This study applies resource dependence theory as a lens to better understand why and how institutional leaders approach innovation in light of their financial constraints. Employing a qualitative case study design at two protestant evangelical Christian colleges and universities, this study investigates how leaders perceive their institution’s financial position and how they are acting to strengthen that position through innovation.