You can put them all in the same conditional field. Note the positions of
the quote marks.
{ IF{ Mergefield ProgStatus} = "AD" "{ Set Variable1 "FoundIt" }{ Set
Variable2 "{ Mergefield AcadProgram }" }{ Set Variable3 "{ Mergefield
AdmitTerm }"}" "{ SET Variable1 "Not Found" }{ Set Variable2 "" }{ Set
Variable3 "" }"}
The results are placed with REF fields.
This seems to work OK with test data using your field names.

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Graham Mayor - Word MVP
My web site www.gmayor.com
Word MVP web site http://word.mvps.org
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> Based on a field in my merge data I am trying to set multiple
> variables like:
[quoted text clipped - 19 lines]
>
> Thanks in advance for any help.