During the 1970s, the college, along with American higher education in general, faced an extended period of fiscal austerity, necessitating difficult decisions and the retrenchment of faculty, staff, and administration.
Among the milestones of his presidency were the completion of a major capital campaign; the opening of the Seeley G. Mudd Library in 1975; the strengthening of the university endowment; an extensive administrative reorganization involving academic affairs, admissions, development and student life; improvements in the curriculum and the renovations of Sage and Ormsby Halls.
"Tom was a quiet and unassuming man, yet forceful and straightforward in his dealings and interactions with others," recalled Richard Warch, who succeeded Smith as Lawrence president in 1979.
"I had the privilege of serving with him for the last two years of his tenure (as vice president of academic affairs) and counted him a friend and mentor and admired him as a man of principle and honor."
The following year, Wisconsin Governor Patrick Lucey appointed Smith chairman of the newly created State Ethics Board, a position he still held when he left Lawrence.