I think Hillsdale College is another one mentioned in the article, which stopped taking federal funds over affirmative action.
I have a lot more respect for these guys than the ones who keep taking federal funds while loudly complaining that the federal government isn’t suitably deferential towards specific sectarian teachings.
As far as staying afloat, I actually think that small colleges like this can thrive even without federal support. This particular school only has 120 students, and it seems like it was originally conceived as a small college way back when (2007??). It’s not like other schools that were much larger than that and contracted due to falling enrollment levels. Those schools are still burdened by the fixed costs of development that they did before contracting, back when they had 2,000 students instead of 200. It doesn’t sound like Wyoming is in this situation. (The fact that they never received federal aid to begin with probably helps too; they are used to not having the money so giving it up isn’t as much of a blow.)