This paper reports on a study of Association of American Universities university presidents' public communications in response to the 2008-2009 economic crisis. The authors present findings from a thematic analysis of 111 letters. The authors highlighted 22 themes and present them within three major categories: factors external to the university; factors reflecting the internal workings of the university; and the impact of the university's actions on a number of its constituents. The results of the study provide insight into the communicated impact of the financial crisis on higher education institutions and further the discussion of the role of the president in times of crisis. (Contains 1 figure.)