In the world I would like to live in, a college (or a business firm, etc.) implementing contemporary-style "positive discrimination" racial quotas (whatever such quota policies might consist in) would be perfectly legal, too. Still, I would say that I disapprove of such misguided policies.
Of course, it goes without saying that in the world I would like to live in no college or business firm would receive any government subsidies, whether direct or indirect. This is equally applicable to "negatively racially discriminating", "positively racially discriminating", "officially striving to be color-blind", "unconcerned with the race issue", or any other kinds of organizations.