The purpose of this qualitative study was to explore the perceptions of institutional advancement leaders on their role in the survival of private HBCUs. The study's primary goals focused on how advancement leaders perceived their leadership roles in generating funds to sustain private historically Black colleges and universities in the southeastern region of the United States. A purposive sampling technique was utilized to select seven experienced and successful advancement leaders for the study. Through in-depth phenomenological interviews and analyses, four themes emerged. The study's findings show that the participants strongly perceived that their leadership role in fundraising is critical in the survival of private HBCUs. The results from the study have a policy, leadership, and practical implications.