I attended a small place during my first year of college called the Institute for German Studies. It was a campus run by Concordia College, Moorhead MN and was a one year submersion program to get your major in the language quickly. The Institute for GS is now defunct and Concordia College has all of my transcripts. But I’m curious what would happen to them if Concordia became defunct too? How does one verify their attendance, etc?
I believe trustees arrange for another entity to become custodian of records. In some cases, another college or university will absorb the students from a college, so that institituion may becomes the repository.
Sometimes if the college trustees don’t transfer the records to another college the local state Department of Education ends up with them.