Drake University - Quax Yearbook (Des Moines, IA)

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Finance AS cz Mechanz'c , OILLEGE and university finance has a peculiar and individual place in the realm 'of finance. Few other enterprises have the high ideals and unselfish motives of the col- lege and university. All business is based on bartering and selling for r profit. The university not only does not make a profit on its transactions but makes a contribution to each of its patrons in that the intangible commod- ity it sells costs more than is paid for it. Sums that have been secured from in- come or endowment and from gifts of F- L- TURBY friends and alumni that would repre- V sent a very satisfactory profit in any I business of like size are annually added to the tuition income of the university in order to'make it possible toioperate without a deficit. Education is idealistic and so is university and college finance. I have likened the comparison of the college or university to an electric light plant. The graduates and students represent the current that goes out over the wires to enlighten and illuminate the minds of others. The faculty represents the dynamo that furnishes the energy and that indescribable something that is electricity, the finance department, and its many branches, the stokers and mechanics that convert the sordid coal into steam that makes the rest of the plan possible. Ours is but a humble place in the plan, but a necessary one, and we are all working toward the same ideals. We are crusaders bearing an equal share in the work for the common good. Another successful year is drawing to a close. Many have been the attain- ments to spur us on to greater endeavor. A new objective has been attained in our endowment crusade, resulting in an increase of almost one-half a million in our endowments. In this work we have only begun and under the leadership of President Morehouse and Mr. E. C. Lytton, our business manager, other objec- tives are to be attained. Twenty flu rc

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Struggles lflfith the Budget e HE classroom is the heart of the college. Of this there can certainly be no doubt in the mind of anyone who at all under- stands the situation.- It is also true, however, that there must be a properly organiaed business department to sup-. port the acadernrc program. VVrthout an adequate financial management the whole college structure must fail. . U , it r.V.- Since Drake University belongs to rtsbfrrends and not to any small group of persons, rt is al- - ' ways entirely proper that those friends be kept informed concerning the various departments and their functioning. y Under the direction of the business managers office and with the able assistance of my asso- l ciate, Mr. F. L. Turby, auditor, all the funds of the university are received and disbursed. In- cluded in the functions of the business depart- ment are the following: campaigns for additional endowment, buildings and equipment, the collec- tion of interest on endowment investments, including considerable real estate in a half dozen Iowa counties, the budget control, involving a close checking of all receipts and disbursements, with the purpose of living within our means, the purchase of all supplies of every character, the general advertising and publicity for the university, the receiving of tuition payments and gifts, the promotion and business management of athletic contests, the handling of insurance of every character, the keeping of accounts and financial records of the university, the direction of the employment bureau and the supervision and maintenance of buildings and grounds. We know that students, because of their unfamiliarity with the situation. often wonder what becomes of all the money received by Drake University. Thisis especially true when a long line of students is waiting to pav tuition to the cashier. As a matter of fact it is a very difficult struggle each year if or the univer- sity to balance the budget. Drake celebrated its forty-seventh birthday on May 7, 1928, and defrcrts of varying amounts have occurred each year with only a very few exceptions. E. C. Lv'rroN . Frequent campaigns have been made for the purpose of clearing the indebted- ness of the unrversrty. Other drives have been made for trier-tm-tt endowment. Through sacrificial giving on the part of the members of the lloard of Trustees c d l ' I ' . ' an rundrueds of other fr1ends the unrversrty has been able to meet the endow- mentret . - ' . n qnrements of the standardizing agencies and thus to retain its ttrst class standing. It should be l ' ' . - - . averao-6 not moreqigt In land, however, that a million dollars will produce on an of U s 1 an a tv thousand dollar income which is less than one-ninth 're annua budget. if ' - -' ' ' . Q I I E t, VX e hope the time will come when endowment income will PIOVICG fty per cent of the tot l - ' - - a annual receipts of the university. T r.'L'7lfj -17,00

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. 4-5. Twmzty-fam-Qi - i 4 I P 4 A Yf' ' A 1mz'7Jc1'sity is a M1lZ.'U6'7'S6,, cm cicademicr 'lliI1I'Z'l'l'.Yt' The bodies which inhabit these celestial spaces admit of an interesting analogy. There are bright suns and dim stars, major planets and many asteroids, glowing giants, and ruddy dwarfs, eclipsing binaries and variable cepheids, obsequious satellites shining by reflected light, and erratic transitory comets command- ing the horizon as they pass. Q The Quax is a treatise on the unsolved problems of this cosmogony. It presents catalogues, descriptions, characteristics and habits. It predicts eclipses and occultations, phases and apparitions. lt calculates with unerring accuracy perturbations and configurations. ll is the almagest of its century. D. VV. BTURRIIOUSIC.