The global recession has wrought havoc on the budgets of libraries worldwide, forcing administrators to reassess priorities and change direction midcourse. Privately funded academic libraries which typically rely heavily on large endowments have not been exempt and in fact have probably been hit the hardest. The challenges encountered by this long drawn financial crisis have ultimately provided opportunities to reassess priorities and conduct business more efficiently. This paper was presented at the BIALL Conference in June 2010 by Femi Cadmus and Blair Kaufmann.