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This study aims to empirically analyze the three key pillars of university financial sustainability—revenue-generating activities, good financial governance, and IT capabilities—with performance, age, and size as control variables. Using a survey method targeting private universities in Indonesia, data were collected from financial leadership representatives across 14 provinces, yielding 627 valid responses. The data were analyzed using structural equation modeling (SEM) to examine the relationships among variables. The results reveal significant positive effects of good financial governance on financial sustainability, IT capabilities on financial sustainability and revenue-generating activities on financial sustainability. Furthermore, revenue-generating activities have a strong positive impact on both good financial governance and IT capabilities. The analysis also identifies IT capability as a mediating variable between revenue-generating activities and financial sustainability, as well as between good financial governance and financial sustainability. These findings underscore the strategic role of technology-based governance in enhancing the financial resilience of higher education institutions. Accordingly, the study recommends strengthening the three pillars of financial sustainability—revenue diversification, sound governance practices, and robust IT capabilities—to ensure long-term institutional sustainability.