As college presidents face the challenges of a turbulent and uncertain economy, they are working to assess the impacts on their strategic financial positions and to develop response plans that reflect their institutional missions and values. How can college presidents navigate during these difficult economic times as they seek to hold on to the core values of their institutions? The initial reaction for many of them is to cut programs and spending, and they all must face the fact that budget cuts will be a reality for much of higher education during the short term. As higher education grapples with the ramifications of the nation's sagging economy, the author discusses ways in which college and university leaders can assess their strategic financial positions and develop response plans while maintaining their institution's core values.