The present study examines emergency management related perceptions of campus officials who are responsible for overseeing the general disaster preparedness of at five diverse colleges and universities in the Red River Valley. This paper attempts to specifically examine in higher education what has been called the Thomas Theorem or “What is perceived real, is real in its consequences” (Thomas 1970). This further examination is accomplished through in-depth interviews using a survey tool based around three research questions: “How do the responsible campus officials perceive campus vulnerabilities?”, “How do the responsible campus officials perceive preparedness measures that have been undertaken by their campuses?”, and finally “Is there a match between preparedness measures and perceptions of campus vulnerabilities?” The present study also suggests areas where additional study may further benefit emergency management related decisions at higher education institutions.