A L U M N I N U M B C E L E B R A T I N G ... - Mines Magazine

T H E C O L O R A D O S C H O O L O FM I N E S F O U N D A T I O Ngraduates through tbe raising of tbestanding and morale of the studentbody at Mines and consequently tbatof the Mines graduate. When it wasdeemed certain that the plan for tbeloan fund was sound, a letter solicitingvoluntary contributions was preparedand mailed to every alumnusand ex-Mines man on the associationmailing list. The results of theinitial drive were most gratifj'ing.ByJAMES BOYD. M.Sc, '32,Assistant Professor of GeologyColorado School of MinesOne of the most vital functions ofthe Alumni Association of the ColoradoSchool of Mines is the promotionand furtherance of its FOUN­DATION. Much material has beenpublished in Mines Magazine fromtime to time regarding the details ofits organization. It began to functioneven before its complete establishmentby the Colorado School of MinesAlumni Association May l7th, 1928.It was incorporated under the lawsof the State of Colorado which areparticularly liberal for Foundationswhich provide for educational orcharitable functions. Such Foundationsare free from taxation under thelaws of Colorado. The Alumni Waysand Means Committee who were entrustedwith tbe organization of theFoundation were extremely fortunateto be able to profit by the experiencesand advice of those associated withthe work of many similar organizations.All of those who have studied theincorporation and organization of tbeC. S. M . Foundation are impressedwith its unique and practical plan. Itsconstitution provides that the Boardof Directors shall consist of the Presidentof the School, two directorselected by the Board of Trustees andtwo elected by the Alumni Association.This Board is separate and distinctfrom the School of Mines butthoroughly familiar with the needs ofthe School and how best to administerany funds provided to relieve thoseneeds.The invested capital is handled bya trustee (a bank or trust company)thoroughly versed in financial mattersand best qualified to conserve theprincipal and secure the largest earningsconsistant with safety of themoney intrusted to it. Through theFOUNDATION, funds may be providedto help students obtain an educationat the School of Mines, toendow and maintain professorships,to provide much needed buildings andto insure their maintenance and operation,and for other purposes whichthe donor may specify.Here is how it works—Supposethat John Jones decides to establish afund of $25,000 to help students obtainan education at the School ofMines. The money and securitiesdonated for the purpose are turnedover to a Trustee selected by theBoard of Directors of the Foundation.In the selection of this Trus-JAMES BOYDtee Mr. Jones will of course be consultedand his desires respected. Assoon as definite earnings are establishedby this gift, the Board of Directorswill announce that funds are nowavailable for the John Jones Scholarshipsand will set out how studentsmay qualify for such scholarships.This will all be done according toa plan formulated by Mr. Jones atthe time of making his gift and approvedhy the Board of Directors atthe time of accepting the gift. Undersuch a plan Mr. Jones will go on educatingyoung men for the mineral professionsand in this way build a monumentto his high ideals which will continueto function long after he haspassed out of the picture.Likewise funds can be administeredby the Foundation, for research, forfellowships, for professorships andprizes for unusual attainments.Wealthy people like to donate buildingsto prominent colleges becausesuch buildings are perpetual andvisable monuments to their memory.With a new building must be providedfunds for equipment, maintenanceand the added faculty personnelneeded for the expansion thatsuch a new building entails. Henceit is just as important to provide morefunds for the expansion of the facultyto enable it to continue the highstandards of education which havegiven "Mines" the rank of leadershipthat it has alwaj's held in its particularfield.To establish fellowships wherebycompetent men may do advanced workin cooperation with the research departmentof the School, on pertinentproblems now confronting the mineralindustries, there is always an opportunityto use funds to great advantagewhen provided.Of course buildings are alwaysneeded and the Colorado School ofMines is now in desperate need of aHall of Chemistry, a PetroleumBuilding, a Library and Auditoriumand several other structures madenecessary by tbe crowded condition ofthe School.However buildings do not make acollege great, they are only the toolsneeded to help reach an ideal. It isthe knowledge and teaching ability ofthe faculty that gives the college itsstatus in the educational world. Statesupported institutions are usuallyrather lax in recognizing unusualability in its faculties directly responsiblefor the reputations of itsschools. Salaries are usually fixed atan average level, so in a college likethe School of Mines where genius developedin the faculty is in demand byindustry it is important to establishendowed chairs which pay a highersalary than ordinary. Such salariesgive the professor added means topersue his learning and at the sametime encourages other members of thefaculty to strive for greater attainmentand success. It provides theextra incentive so necessary to highestaccomplishment.What could be a greater honor thanto have one of the principal chairs atthe School of Mines named for one'sself? Let it be the John Jones Chairof Mining Engineering or the HenryAbbott Chair of Metallurgical Engineeringor the Charles Smith Chairof Petroleum Engineering or any oneof several others. The Colorado(Continued on page 223)ByJAMES W. DUDGEON. '13Chairman, Athletic CommitteeMines Alumni have continually inmind, ways and means for the bettermentof the student body at Minesto the end that the mineral industrieswill be furnished with young menwho are better equipped mentally andphysically to cope with the severeconditions which these industries imposeupon them.The Alumni have given muchthought and study to the conditionsfacing these 5'Oung men and to thequalities tbat they should have toinsure greater success when they arethrown on their own resources. Theseolder men have found through theirmany years of experience in combatingthe problems presented to the Engineerof the Mineral Industries, thattwo characteristics are extremely essential—"horsesense and guts". Ithas been found tbat these qualities areusually more highly developed in theyoung lad who has had to combatmany difficulties and hardships andassume responsibilities from his boyhooddays. The boy with the combinationof a mental and a physical developmentis the best equipped to combatin after life the severe conditionsimposed by tbe mineral industries.These young men have not all beenblessed with the necessary income tbatis required to enable them to attendMines and continue both mental andphysical development.About four years ago a group ofMines Alumni working under thesponsorship of the Alumni AthleticCommittee launched a plan designedto assist worthy young students in afinancial way and in this manner toassist them in completing their engi-JAMES W. DUDGEONneering courses and become graduatesof the greatest Mining School in theworld.The plan evolved was tbat of creatinga fund to be known as the"Alumni Loan Fund", This fundwas to be raised thru voluntary subscriptionsmade by all Mines Alumniand loyal supporters of Mines.The plan for the "Alumni LoanFund" was discussed at length withall interested persons, officers of theAlumni Association, and with thefaculty and students at Golden. Itwas conceded by all to be a step forwardin the enhancing of the friendlyand cooperative spirit existing betweenthe Alumni, School of Mines administrativeheads, faculty and studentbody at Golden. It was enthusiasticallyreceived by all Mines menand alumni. They at once discernedthe benefits which would accrue to theColorado School of Mines and MinesDuring tbe second j'ear of operationof the fund the results were evenbetter and thruout last year tbeAlumni Loan Fund proved its worthbeyond all shadow of doubt.During the year 1939 loans to studentsin amounts ranging from $25.00to $150.00 enabled fourteen men toremain in school .and complete theiracademic work, which they could nothave done without this assistance.It will not be amiss to explain themethod by which a worthy studentmay obtain a loan from the fund. Ifhe is an entering student his entrancerequirements must meet the academicstandards prescribed by the school.An investigation relative to his needfor financial assistance is then conducted.If in need of assistance, hemust then be recommended by theC. S. M . Athletic Director as a suitableperson to receive a loan. Hisapplication for a loan is then presentedto the Executive Committee of theAlumni Association for approval. Ifapproved by this committee the loanis made. As security for the loan apromissory note embodying the termsfor repayment of the loan must beproperly executed by the applicant atthe time he obtains the loan.The Alumni Loan Fund has beenin operation about two and one-halfJ'ears. Only two recipients of loanshave graduated during this period.The plan is still in its infancy andexperience figures to determine therate at which the fund will be madeself-perpetuating thru repayment ofloans are not available. We are,however, confident that the loan fundwill gradually become self-perpetuating.In the meantime, however, it isgoing to be necessary to solicit additionalfunds with which to carry onthe good work.We of the alumni association desireto express our appreciation and gratitudeto the many contributors, who bytheir contributions have enabled us tocarry on the program of extendingfinancial assistance to those in need ofsuch help, who are now obtaining anEngineering degree at the ColoradoSchool of Mines. Everyone raustcontinue to do his part toward perpetuatingthe Alurani Loan Fund andthus enable us to continue a task sowell begun.190 THE MINES MAGAZINE APRIL 1940THE MINES MAGAZINE ^ APRIL 1940 191