History lessons about the Great Depression and the New Deal have become more than academic at institutions of higher learning across the nation, including the University of Miami.

Here as elsewhere, economic turmoil is not something to merely analyze from afar; its impact is being addressed and scrutinized from all angles throughout our own halls, classrooms, and research facilities. In recent communications, University of Miami President Donna E. Shalala explained that this institution would tighten its already fiscally conservative belt.

“The University of Miami has always been a vigilant and responsible steward of its assets,” she said in a December letter to alumni. “We have not only survived but thrived during difficult times in our country’s history. Remember, we welcomed our first class of students only a few weeks after the great hurricane of 1926.”

Shalala maintains that the institution is financially secure and will continue pursuing long-term ambitions. “We have been affected but not devastated like many organizations,” she wrote to employees on January 5, “since our endowment is modest, relative to our size.”

UM will remain focused on two objectives: protecting the quality of the teaching, research, clinical care, and community service that it delivers, and protecting its employees. To continue weathering today’s economic storm, the University will fill only positions crucial to this fiscal year, aggressively reduce overtime, delay capital projects and renovations whenever possible—such as the Student Activities Center, the Miguel B. Fernandez Family Entrepreneurial Center, and many Miller School expansions—curtail salary increases for 2009-10, and identify other cost-saving practices.

Meanwhile, Shalala added, tuition and clinical care revenue remain strong, grants and contracts are up, and University of Miami Hospital revenue rose 30 percent last year.

“I am confident in our ability to manage through the situation while achieving our objectives and staying true to our mission,” she stated.