Despite the massive monetary restrictions placed on him by the Great Depression, Wallace managed not only to maintain the integrity and viability of the institution, but to improve it as well. During his period in office, the School of Nursing became an autonomous department with the ability to grant degrees. (Previous to this development, nursing students studying at Alberta had to travel to Ontario or British Columbia to complete their degrees.) Wallace also helped to establish the Banff School of Fine Arts (now called the Banff Centre) in 1933.