This article examines a wide range of parish school indicators that can be used to predict long-term viability. The study reported in this article explored the relationship between demographic variables, financial variables, and parish grade school closures in the Archdiocese of Saint Louis. Specifically, this study investigated whether statistically significant and substantively meaningful differences exist between open and closed schools on selected demographic and financial variables. Discriminant function analysis was utilized to create a model for predicting parish school viability. The final portion of this study describes the translation of this discriminant function analysis into a diagnostic tool that could be used as an early warning system to assess school viability on an ongoing basis. (Contains 10 tables and 5 figures.)