I would spend time doing some research at various sources including the student newspaper. DePauw’s enrollment is down about 25% over the last decade, and retention is down as well.
They do have a decent endowment, but eliminated some jobs/laid off some staff a couple of years ago: https://www.insidehighered.com/news/2019/02/27/depauw-shrink-laying-dozens-staff-and-offering-buyouts-100-faculty-members
Discount rate has significantly increased as well over the last decade. In 2018 it was 68%, which is well above the average college discount rate of around 51% or so: Private College and University Tuition Discount Rates, 2010, 2014, and 2018
Hopefully someone else can weigh in on the school’s leadership.