Every organization should review its costs and operations on a regular basis. SMU is in the lead as a university in undertaking an operational review to be accountable to its constituents, including donors who provide generous support and students who pay tuition. SMU announced such a review process in March and has communicated in various ways with the campus, through the web, interviews and meetings. SMU is enjoying tremendous success with its major gifts campaign for restricted, high-priority purposes such as scholarships, faculty support and facilities. However, we must reduce our operational and administrative costs to direct as many resources as possible to our core, academic mission.