This mixed methods sequential explanatory study investigated contributions and associations of expenses and revenue to Latina/o student graduation rates in Hispanic-serving institutions (HSIs). With data from the Integrated Postsecondary Education Data System, U.S. Department of Education Title III and V grant awards, and HSI lists from Excelencia in Education, quantitative and qualitative approaches were used to study two- and four-year HSIs. Findings from multiple linear regressions in the quantitative Phase 1 identified a small set of institutions with increasing Latina/o graduation rates for the qualitative Phase 2. This approach provided deeper understanding and interconnectedness of the quantitative findings with campus specific approaches leading to improved Latina/o student outcomes. Major findings were mixed in the quantitative phase except for HSI grant awards which were not significant in predicting Latina/o graduation rates across all cohort years. In follow-up interviews, characteristics and specific approaches emerged, explaining why some HSIs may be more successful in supporting Latina/o students. These findings centered on supportive equity-minded leadership, a cadre of institutional champions, and use of strategic and intentional approaches leading to campus cultures of care. Population ecology and resource dependence theories were used with additional theories of strategic social change, systems approach, and decision making. Mixed methods research on HSIs would benefit understanding the complexity and expectations for improved college experiences for Latina/o students. It is recommended that HSIs consider if they are merely Hispanic-enrolling institutions or truly Hispanic-serving institutions, and what they must do to become Hispanic-graduating institutions.