"Spectacular error" sounds euphemistic compared to "devastating," "catastrophic," or "meltdown"--terms more commonly summoned to describe the credit crisis and ensuing global economic carnage. Whatever they are labeled, gross miscalculations on Wall Street are having a deleterious effect on college campuses across the country, with many educational endowments absorbing losses of 20 percent or more in the span of just a few months. Now the challenge for those responsible for financial decisions and endowment management is, first, to avoid errors of their own and, second, to implement positive actions to turn the ship around. In this article, the author offers suggestions that governing boards and trustees may follow to survive in these hard economic times. The author suggests that boards may want to take an overall look at their governance model, including the investment policy statement and the structure of board and staff roles and responsibilities. He describes short-term financial actions and long-term investment perspectives that the boards and trustees can take in dealing with the financial declines.