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Does College Matter?
Federal Reserve Bank of San Francisco • 2014 Annual Report

Table of Contents
About the Federal Reserve System........................................................................................................................................... 3
A Letter from the President............................................................................................................................................................... 4
Essays
Does College Pay?.............................................................................................................................................................................. 9
By Mary C. Daly and Yifan Cao

Balancing Passion with Practicality.............................................................................................................................. 16
By Jody Hoff

The Value of Lifelong Learning......................................................................................................................................... 22
By John C. Williams

Bank Leadership........................................................................................................................................................................................ 26
Directors and Advisory Councils............................................................................................................................................. 29
Financial Statements............................................................................................................................................................................ 36
Acknowledgements............................................................................................................................................................................. 37

The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to
provide the nation with a safer, more flexible, and more stable monetary and financial system.
The largest of the 12 Federal Reserve Districts
by geography and economy, the Twelfth
District is comprised of nine western states:
Alaska, Arizona, California, Hawaii, Idaho,
Nevada, Oregon, Utah, and Washington.
In 2013, its 26.4 million workers accounted for
about 19 percent of the nation’s total nonfarm
employment, earning close to 21 percent of
the nation’s total personal income.

A Letter from the President

John C. Williams

President and CEO of the Federal Reserve Bank of San Francisco
“The foundation of every state is the education of its youth.” “Education is not the filling
of a pail, but the lighting of a fire.” “Intelligence plus character—that is the goal of true
education.” These are but a few of the seemingly innumerable quotes on one of the most
commented-upon subjects in human civilization: Education. Diogenes, William Butler Yeats,
and Martin Luther King Jr. have ample company in their commentary, and there is good
reason: Education is the foundation of modern societies; it is each nation’s investment in its
future laid bare.

WATCH VIDEO

Does College Matter?

Few would deny that education opens up worlds of opportunity. From my personal
experience, I have seen how education not only arms people with the skills to find
success, but opens minds by exposing students to world views and ways of thinking that
are different than their own. From an economist’s perspective, I see the irrefutable data
that investing in education is crucial to economic success. There is no such thing as a
developed economy that does not educate its people universally; it is a prerequisite to
prosperity.
The three essays in this report highlight various aspects of education, though they are by no means exhaustive—a full examination of education would take up far more
space than allotted here. Instead, we consider three areas of common discussion and debate: That yes, college is still worth it, that education is constantly changing, and
that, done right, one’s education should never end.
Education extends beyond formal teaching or the walls of a classroom. The essays in this year’s report are a commendation of all forms of scholarship and praise of
lifelong learning. Or, in the words of Abigail Adams, “Learning is not attained by chance, it must be sought for with ardor and attended to with diligence.”

A Year of Learning, Transition, and High Performance
On the subject of learning, our centennial commemoration year at the San Francisco Fed was one of change, transition, and knowledge transfer. Mark Gould
commenced his role as the Bank’s first vice president and chief operating officer. Mark quickly built upon our solid foundation of excellence and formed
strong partnerships with our Federal Reserve System colleagues. With Mark’s promotion, Susan Sutherland took over as the Seattle Branch manager and Jim
Narron was named manager of the System Cash Product Office. Mark, Susan, and Jim’s dedication to the Bank and its employees continue our remarkable
legacy of performance and public service.
In 2014, our Bank Supervisory staff continued implementing the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act program for large and
regional banking organizations. This significant effort involved aligning supervisory plans with new regulations and guidance.
Economic Research staff provided essential support for my role as a monetary policymaker. Statistics staff continued improving the technology platform
that streamlines how the Fed monitors the balances banks are required to keep in accounts with us to support the execution of monetary policy.
The Cash Product Office and Information and Technology Services divisions continued development of a new inventory management and workflow
processing system for cash operations across the Federal Reserve System. The Cash Product Office also initiated work with commercial banks and armored
carriers to identify ways to bring greater automation and efficiency to the cash supply chain.
The San Francisco Fed’s cash operations teams in each of our offices exceeded all cost and efficiency targets, and continued to serve as a source of strength
and talent for the Cash Product Office. At the national level, cash operations achieved a new record for high speed processing productivity, a result of strong
management in each location and close partnership with our information technology and equipment suppliers.
Leveraging the Twelfth District’s location at the center of technology and innovation, Information and Technology Services continued to be a key developer
of software applications for the Federal Reserve System and a leader in the use of agile software development.
Our Communications and Community Engagement staff focused on advancing policy and practices in community development through targeted research,
publications, and public outreach. Community Development staff supported initiatives across the District to foster small business development, improve the
financial stability of lower-income households, and strengthen lower-income communities.
I am privileged to work with an extraordinary team of employees who demonstrate their commitment to public service and the values of integrity and
innovation each and every day. I sincerely thank all of them for their diligent efforts.

A Legacy of Strong, Insightful Governance
Our Bank is fortunate to be guided by the insights of our boards of directors and advisory councils whose members represent a range of industries and
organizations in our region. I would like to extend my thanks and appreciation to them for their invaluable service and counsel during the last year. Their
first-hand knowledge and independent assessment of economic and financial conditions throughout the nine western states comprising this District are
essential to the formulation of monetary policy.

In particular, I would like to acknowledge the contributions made by Patricia E. Yarrington, vice president and chief financial officer, Chevron Corporation,
San Ramon, California. Ms. Yarrington served on the San Francisco Head Office Board of Directors for six years, two as deputy chair and two as chair. Ms.
Yarrington also served on this District’s Economic Advisory Council.
In addition, I would like to express my sincere thanks and appreciation to the other directors and advisory council members who concluded their terms of
service during 2014:
Los Angeles Branch Board: Keith E. Smith, president and chief executive officer, Boyd Gaming Corporation, Las Vegas, Nevada, who served as chairman of the
Los Angeles Branch Board for three years.
Portland Branch Board: Roderick C. Wendt, vice chairman, JELD-WEN, inc., Klamath Falls, Oregon, who served as chairman for two years as well as served on
the Economic Advisory Council one year as vice chairman; and Brian K. Rice, executive vice president and president of Wealth Management, Aequitas Capital
Management, Lake Oswego, Oregon.
Salt Lake City Branch Board: Patrick F. Keenan, chief financial officer, Rio Tinto Kennecott Utah Copper, South Jordan, Utah; and Damon G. Miller, Utah market
president, U.S. Bank, Salt Lake City, Utah.
Seattle Branch Board: Ada M. Healey, vice president, Real Estate, Vulcan, Inc., Seattle, Washington, who served as chair for two years; Martha Choe, former
chief administrative officer, Bill & Melinda Gates Foundation, Seattle, Washington; and Patrick G. Yalung, regional president, Washington, Wells Fargo Bank,
N.A., Seattle, Washington.
Federal Advisory Council: J. Michael Shepherd, chairman and chief executive officer, Bank of the West and BancWest Corporation, San Francisco, California,
who served as president of the Council in 2014.
Twelfth District Economic Advisory Council: Alfred A. Plamann, retired chief executive officer, United Grocers, Inc., Commerce, California, who served as
chairman and vice chairman of the Council; and Tracey C. Doi, group vice president and chief financial officer, Toyota Motor Sales, USA, Inc., Torrance,
California, who served as vice chair for two years.
Twelfth District Community Depository Institutions Advisory Council: John V. Evans, Jr., chief executive officer, DL Evans Bank, Burley, Idaho. John served as
chairman from August 24, 2011, through December 31, 2014. Maria P. Kunac, president and chief executive officer, San Diego Private Bank, La Jolla, California;
Constance H. Lau, chairman, American Savings Bank, Honolulu, Hawaii; and Darin B. Moody, president and chief executive officer, Utah First Credit Union, Salt
Lake City, Utah.
I would like to welcome directors and advisory council members who began their terms of service in 2015:
Head Office Board: Barry M. Meyer, founder and chairman, North Ten Mile Associates, Burbank, California.
Los Angeles Branch Board: Ilyanne Morden Kichaven, executive director, Los Angeles, SAG-AFTRA, Los Angeles, California; and Robert H. Gleason, president
and chief executive officer, Evans Hotels, San Diego, California.

Portland Branch Board: Charles A. Wilhoite, managing director, Willamette Management Associates, Portland, Oregon; and Steven J. Zika, chief executive
officer, Hampton Affiliates, Portland, Oregon.
Salt Lake City Branch Board: Park Price, president and chief executive officer, Bank of Idaho, Idaho Falls, Idaho; and Patricia R. Richards, president and chief
executive officer, SelectHealth, Inc., Murray, Utah.
Seattle Branch Board: Craig Dawson, president and chief executive officer, Retail Lockbox, Inc., Seattle, Washington.
Twelfth District Economic Advisory Council: James A. Beer, executive vice president and chief financial officer, McKesson Corporation, San Francisco,
California; Jake Boyer, president and chief executive officer, The Boyer Company, Salt Lake City, Utah; Kevin C. Leader, principal vice president and treasurer,
Bechtel Corporation, San Francisco, California; Jacqueline D. Reses, chief development officer, Yahoo!, Sunnyvale, California; and Mary Pat B. Thompson, chief
financial officer and senior vice president, MWI Veterinary Supply, Inc., Boise, Idaho.
Twelfth District Community Depository Institutions Advisory Council: Elizabeth J. Dooley, president and chief executive officer, Educational Employees
Credit Union, Fresno, California; Gregory Garrabrants, president and chief executive officer, Bofl Federal Bank, San Diego, California; C. Alan Horner, chairman,
president, and chief executive officer, First Federal Savings Bank of Twin Falls, Twin Falls, Idaho; and Matt C. Packard, president, and chief executive officer,
Central Bank, Provo, Utah.

John C. Williams
President and Chief Executive Officer

Does College Pay?

Balancing Passion with Practicality

Mary C. Daly

Jody Hoff

John C. Williams

Senior Economic Education Manager

President and CEO

Senior Vice President and
Associate Director of Research
and

The Value of Lifelong Learning

Yifan Cao

Research Associate

Does College Pay?

Mary C. Daly

Senior Vice President and Associate Director of Research
and

Yifan Cao

Research Associate
Listen to accompanying audio clips to hear stories from
people who will help show you that you’re on the right path.

n the current job market it’s easy to get discouraged and wonder whether the money
spent on college will really pay. If you’re going to graduate and work for minimum
wage, why shell out tuition? And then there are stories of successful people who didn’t
go to college. Why not take that path?
Behind these extremes are individuals—maybe you—trying to decide if college makes
financial sense. Making a good decision requires knowing some basics. Does a college
degree translate into higher earnings? Will the extra earnings be enough to pay for your
investment? How long will it take to cover the cost? And, do you really need a college
degree to climb the economic ladder?

2014 Annual Report

Figure 1
Earnings Premium Over High School Education

The College Earnings Advantage
A simple way to see the economic benefit of a college degree is to compare how much
college graduates earn relative to high school graduates. Figure 1 shows the annual
earnings premium for college graduates relative to high school graduates from 1968
through 2011, adjusted for inflation and based on data from the Panel Study of Income
Dynamics (PSID). The payoff from a college degree is apparent. Over the past 40 years,
the college earnings premium has averaged about $20,300 per year. And while the exact
value varies over time, college graduates always earn more. At its lowest point in 1980,
the premium was about $15,750 in extra income per year. In 2011, the latest date in our
sample, the average worker with a college degree earned about $20,000 more per year
than the average high school graduate. These findings are consistent with other studies
(see “For Further Reading” at the end of the essay to learn more).
An important point is that a four-year degree is what really matters, rather than having just
some higher education. As Figure 1 shows, the premium is much smaller for workers with
some college but no four-year degree.

Did the Recession Change Things?
Recent college graduates will tell you, it’s tough out there. The latest recession was especially
hard on young people, and college graduates were not immune. Still, the downturn and
its aftermath highlight the insurance a college degree provides. College graduates faced
unemployment rates about half as high as those for high school graduates. College grads
also fared better on pay. Pay cuts were less severe for college grads on average than for other
groups. And average hourly earnings point to a faster recovery in salary growth for college
graduates than for high school graduates in 2012 and 2013.

Dollars ($)

The experience of workers with and without a college degree provides clear answers.
The boost to earnings from a college degree is large and persistent. The average college
graduate earns enough “extra” to recover the cost of attending most colleges in fewer than
15 years. After that, the earnings advantage remains, leaving the typical college graduate
with a significant net return. All of this leads to greater economic opportunities over a
lifetime, particularly for people who start out in the bottom half of the income distribution.

Source: PSID and authors’ calculations. Premium defined as difference in mean annual
labor income.

“The average college graduate
earns enough ‘extra’ to recover the
cost of attending most colleges in
fewer than 15 years.”

2014 Annual Report

Figure 2
College Earnings Premium by Age

Dollars ($)

It’s also important to remember that investing in college, like investing in a house or a
business, is a long-term prospect. As Figure 2 shows, new college graduates start out earning
just a little more ($5,000 to $6,000) than high school graduates. Over time, this earnings gap
grows markedly, so that after 15 years it’s over $25,000 per year. This means that comparing
the current salaries of recent college graduates with those of people who started working
right after high school won’t tell you that much about the future. Things will look much
different 10, 20, and 30 years from now when the college investment has had enough time
to pay dividends. Whether you launch a career in a boom or a recession, a college degree is
an asset that becomes more valuable over the course of your work life.
All told, college offers a lot of financial benefits. It delivers higher earnings year to year,
provides some insurance against ups and downs in the economy, and translates into greater
prosperity over a lifetime of work. And as the audio interviews accompanying this essay
demonstrate, the financial benefits are only part of the story.

Will the Benefits Cover the Costs?
Around many kitchen tables, the discussion isn’t about the value of college, but about how
much it costs. In other words, will the benefits justify the expense? The answer is almost
always yes. Here’s why.

Years Since Graduation from College
Earnings Premium
Source: PSID and authors’ calculations. Premium defined as difference in mean annual
labor income of college graduates in each year since graduation and earnings of high
school in years since graduation plus four. Values are three-year centered moving
averages of annual premiums.

The cost of college is tuition and fees, plus the lost earnings from forgoing work to attend
school. The payoff is the discounted accumulated lifetime earnings difference between
college and high school graduates. As the box below, Computing the Return on College,
shows a graduate paying $9,000 a year in tuition incurs a total cost of $112,194 (four years
of tuition and fees plus forgone earnings). Assuming that same graduate earns the average
premium that comes with a college degree, about $20,000 per year, the discounted life time
benefits would total about $534,000. Subtracting the costs from the benefits yields a net
return on college of over $420,000.
Of course, any individual’s return on college depends on the actual costs incurred from
attending and the earnings secured after graduation. But for the average person, the
calculation is clear: college pays.

2014 Annual Report

How Long Will It Take to Earn Back Your Investment?

According to the data, students paying $9,000 in annual college tuition for four years can
break even and begin earning additional returns in nine years. This means that someone
who graduates at age 22 and works full-time each year after that will be able to pay for
the investment by age 31. From then on, the wage premium that comes with a college
degree is extra income that can be spent or saved. It’s important to note that, while
$9,000 may not sound like the astronomical tuitions at some prestigious institutions, it
covers about 46 percent of annual admissions at public four-year institutions in 2014,
according to the College Board (Table 1). And research finds no definitive evidence that
higher tuition leads to superior results for all students (see “For Further Reading”).
Of course, the more college costs, the longer it takes to break even. But, as the figure
shows, even when tuition reaches $45,000 per year, which covers nearly all public
colleges and universities in the U.S., the costs can be recouped in 17 years. For those who
graduate at age 22, this means the investment is paid in full before age 40.
To calculate your own breakeven year, use our calculator, “Is College Worth It?”

Is a College Degree Really Necessary?
Every day we hear stories of people who started at the bottom of the economic ladder
and rose to the top through determination, hard work, and talent. This mobility is an
important part of our culture and contributes to the vitality of the American economy.

Years After Graduation

It is clear that, over a lifetime, college pays. But how long before the investment is in the
black? This too is straightforward to calculate. The “breakeven” year—that is, the year
when the accumulated earnings premium from college equals the cost associated with
graduating—depends on two things: tuition costs and the college earnings premium.
Assume the earnings premium is the average paid each year after graduation, as in
Figure 2. Figure 3 shows breakeven years for different amounts of annual tuition, again
adjusted for inflation and the changing value of money over time.

Figure 3
Years to Break Even at Different Tuitions

(2 percent discount rate)
Source: PSID and authors’ calculations

Table 1
College Tuition and Fees in 2014
Tuition

Admissions at Nonprofit Four-Year Institutions
Public
Private

$9,000

46%

$12,000

71%

10%

$24,000

93%

19%

$36,000

>99%

61%

$45,000

>99.9%

83%

Source: PSID, authors’ calculations, College Board’s “Trends in College Pricing 2014”

In most cases, it also requires a college degree.

2014 Annual Report

Figure 4
Chances of Getting to the Top as an Adult

Percent (%)

No matter where a person starts, going to college increases the chances of moving up the
economic ladder. Figure 4 shows the percent of people who make it to the top 20 percent
of the U.S. household income distribution by where they started and whether they went
to college. For those born into households near the bottom of the income distribution, a
college degree is the difference in reaching or not reaching the top. Graduates from the
bottom 20 percent are over six times as likely to reach the top than those who don’t go to
college. The impact is also striking for those born into the second lowest 20 percent; their
chances of getting to the top are five times higher with a college degree. Notably, even
those born into the very top of the income distribution are more likely to stay there if
they have a college degree. Read more about the role of college in economic mobility
in Daly and Bengali 2013, and watch a video on the San Francisco Fed’s Economic
Education YouTube Channel.

Bottom Quintile

The importance of college is likely to grow in the future. Technology and globalization
are making labor markets more competitive. Employers are looking more and more
for workers with established skills and credentials. And the well-educated baby boom
generation is nearing retirement, which will leave high-skilled positions vacant and
increase the demand for college educated workers.

Top Quintile

Source: PSID and authors’ calculations

Is College Right for You?
The data tell a compelling story: College is an excellent investment for most people. A
college degree comes with higher earnings, some insurance from the ups and downs
in the economy, and a path up the economic ladder. In a changing economy, a college
degree also provides a strong foundation to build on, whether that means launching a
career, starting a business, or pursuing an even higher degree. Without one, success is just
harder, at least for most of us.
Senior Vice President and Associate Director of Research
Federal Reserve Bank of San Francisco

2014 Annual Report

Computing the Return on College
Deciding whether college is a good investment means weighing the value against the costs of attending.
Costs: tuition + fees + forgone earnings while attending school
Benefits: accumulated earnings difference between college and high school graduates
Since the costs and benefits accrue at different times, an accurate calculation of the net return needs to adjust for the changing value
of money over time by taking the discounted net present value. This way, we can compare values from different times on one scale.
Formula for Net Present Value (NPV) for an amount in n years, with discount factor i:
NPV year n =

Amount
Benefits – Costs
=
n
(1 + i) n
(1 + i)

Formula for Net Present Value of many values over n years: NPV year 0 + NPV year 1 + NPV year 2 + . . . + NPV year n
Here is an example:
Jamie pays $9,000 per year in tuition and fees. If she had not gone to college, she could have worked and earned $19,887 per year, the
average earnings of a high school graduate in 2011 based on the Panel Study of Income Dynamics.
Adding these costs together and taking the present discounted value assuming a discount factor of 2%, the total cost of college is
$112,194.
Total Cost = ($9,000 + 19,887) × (1+ r + r2 + r3 ) = $112,194,
where r is the percentage of value that remains after each passing year. We calculate r using the discount factor:
r=

1
1 + 2%

1
1.02

= 0.9804

With a college degree, Jamie earns an average of $20,070 more per year over her lifetime than she would have earned had she
stopped with a high school degree.
Taking the present discounted value of her college earnings advantage over her 42 years of work (age 23 to 65), she earns a college
benefit of $533,988.
Total Benefit = ($20,070) × (r4 + r5 + ••• + r44 + r45 ) = $533,988
Putting the two together, Jamie’s net return on college is $421,794.
Net Return = $533,988 - $112,194 = $421,794

2014 Annual Report

Adapted from “Is It Still Worth Going to College?” by Leila Bengali and Mary C. Daly, FRBSF Economic Letter 2014-13.

For Further Reading
Autor, David. 2014. “Skills, Education, and the Rise of Earnings Inequality among the `Other 99 Percent’” Science, 344(6186), pp. 843-851.
Barrow, Lisa, and Cecilia E. Rouse. 2005. “Does College Still Pay?” The Economist’s Voice 2(4), pp. 1-8.
Bengali, Leila, and Mary C. Daly. 2014. “Is It Still Worth Going to College?” FRBSF Economic Letter 2014-13 (May 5).
College Board. 2014. “Trends in College Pricing 2014.” Trends in Higher Education Series.
Dale, Stacy, and Alan B. Krueger. 2011. “Estimating the Return to College Selectivity over the Career Using Administrative Earnings Data.” NBER Working Paper 17159.
Daly, Mary C. and Leila Bengali. 2013. “U.S. Economic Mobility: The Dream and the Data.” FRBSF Economic Letter 2013-06 (March 4).
Daly, Mary C. “Economics in Person: Economic Mobility in the United States.”
Leonhardt, David. 2014. “Is College Worth It? Clearly, New Data Says.”

Balancing Passion with Practicality

Jody Hoff
Senior Economic Education Manager

college education is one of the best investments a person can make. But choosing the
focus of that investment can be a daunting task. Add to that the pressure of finding a
major that will provide a good living, and it’s not hard to understand why this is such a
difficult choice.
A new discipline is taking hold on college campuses throughout the U.S. that reaches across
majors to combine art with science, innovation with application, and idealism with realism.
Growing from just a handful of courses fifteen years ago, entrepreneurship has emerged
as one of the fastest growing disciplines in higher education. Located at the intersection of
passion and practicality, a course of study in entrepreneurship offers an alternative to settling
for an uninspiring major valued in the marketplace, or even skipping college altogether, to
pursue a dream.

“A new discipline is taking hold on
college campuses throughout the
U.S. that reaches across majors
to combine art with science,
innovation with application, and
idealism with realism.”

2014 Annual Report

Throw Out the Textbook
Instead of passing on college, potential entrepreneurs are learning the real-world skills
needed to launch a start-up while studying subjects that may help them change the
world. Understanding that launching a business is distinctly different from managing one,
entrepreneurship educators recognized the need for a very different approach—an
experience-based approach—that infuses the dynamism and risk-taking of a start-up
into the learning environment.
“We’ve learned much more through experience, good and bad, and by talking to people
in the real world rather than just sitting in a classroom,” says Aaron Gagleard, co-founder of
Bosse Tools, in discussing how he and Founder Stephen Walden are learning how to take their
patented 360-degree shovel handle to market.
Nowhere else on campus is there a more dynamic approach to hands-on learning than in
the department that teaches entrepreneurship. A number of experience-based activities and
support systems are typically offered to help students acquire the skills they need to launch
a new enterprise. Among these are student competitions, dedicated campus development
space for incubating start-ups, and role model programs.

Student Competitions
Business plan competitions give student entrepreneurs the chance to put their innovative
ideas to the test by creating business plans and presenting their ideas for new ventures.
Integrating classroom instruction, teamwork, and original ideas, student teams compete to
see which venture has the most promise. Pitch competitions take the business plan idea and
eliminate everything but the most essential aspects—the problem and the solution. The pitch
is then delivered in a tightly timed and exciting forum where judges, instructors, and peers rate
the presentations.

“Business plan competitions give student
entrepreneurs the chance to put their
innovative ideas to the test by creating
business plans and presenting their ideas
for new ventures.”

Designed to prepare student entrepreneurs for the real life rigors of selling their ideas,
competitions provide a supportive but challenging environment in which to validate ideas and
practice effective communication. Often, the top-performing teams are provided seed funding
for their projects and the chance to advance to regional and national competitions.

2014 Annual Report

Development Space
Students around the country are moving their enterprises out of the dorm room and into an
entrepreneur-friendly environment with dedicated work space and ample access to faculty
support and community mentors. Often referred to as accelerators, hatcheries, or incubators,
these entrepreneurship laboratories are provided rent-free to support and encourage student
entrepreneurs. Working alongside other teams, students turn their ideas into reality by
experimenting with new designs and fabricating prototypes in these environments.
“I could go on about this program; we’re so thankful to the advisors and for the help we’ve
received along the way,” says Trever Bostrom, a student enrolled in the new Boise State
University Venture College program. “We have access to great mentors, workspace, and training
to help us make Vivid Roots a success.” Trever is co-founder of Vivid Roots, a lifestyle apparel
company that supports a social mission by donating 20 percent of their gross profits to clean
water projects. Trever’s co-founders are Dylan Carlson, Dallas Crum, and Connor Kingsbury.

Role Model Programs
A key strategy endorsed by organizations from the White House to the World Bank is the
idea of the entrepreneur role model. For aspiring entrepreneurs, engaging with a successful,
established entrepreneur and envisioning themselves as successful has proven time and
again to ignite their imaginations. And inspiration is not the only benefit. By working with
entrepreneurs in their local communities, the aspiring entrepreneur learns and practices
hands-on skills needed to launch and sustain a start-up business.
Divya Nag, a former Stanford University student studying in the Biology department, will tell
you that “being at Stanford is unlike being at any other school in the world, in that everyone
is always talking about starting companies.” When Divya was a sophomore, she left school
to found Stem Cell Theranostics, a bio-tech company that developed a method to convert
ordinary skin cells into beating heart cells, creating a “clinical trial in a dish.” While going
through the challenging start-up process, “I realized how important it was to have mentors
who have done this before, or who are currently in other companies and can shed some light
on their [similar] experiences.” Divya went on to found StartX Med, the first nonprofit medical
entrepreneurship program for Stanford University scientists.

2014 Annual Report

Get the Ball Rolling
Whether an aspiring entrepreneur wants to hone an elevator pitch, earn a major, or find
a specialty for an MBA, education programs in entrepreneurship can be found across the
U.S., from the local community college to the most prestigious educational institutions in
the country. Schools offer a variety of programs to their entrepreneurial students, often
increasing their offerings over time, as the success of these efforts prove the value of
investing in future entrepreneurs. There are three general levels of college or university
involvement.

Level One: The Basics
At the most basic level, a school may simply offer a few courses in entrepreneurship,
including credit and/or non-credit classes, online courses, and certificate programs. The
offerings most often are found in the business department and are usually spearheaded by a
passionate educator and a supportive administrator.
Fernando Santos, a former graffiti artist who was thinking of starting a business using
his own designs, enrolled in one such class at Chabot Community College in Hayward,
California. “I signed myself back up to school to further my education,” he says. “I was looking
through the catalog, and I saw this entrepreneurship course. I said to myself, ‘This might be
good for me; let me try it out.’” Santos went on to start Beast Oakland, a t-shirt company
located in Oakland, California.
“My professor Miguel Colon would always tell us that, of the eight businesses he started, it
was the ones that failed that taught him the most. And hey, I had six or seven shirt designs
that failed before the one that took off, so I relate to that.”

Level Two: A Campus Hub
After offering a few entrepreneurial courses that prove popular and successful, many
educational institutions establish an office of entrepreneurship or entrepreneurs’ center,
typically housed in the business, engineering, or science school. The center becomes the
point of contact for students, faculty, and external partners looking for education, resources,
and support. As the campus hub for entrepreneurship educational efforts, the center
encourages collaboration across academic departments.

2014 Annual Report

“I always say, business school students want to be entrepreneurs, but may not have a
great idea. STEM (science, technology, engineering, math) students have great ideas, but
they don’t know anything about business. So a big part of what we do is bring those two
populations together,” says Susan Yamada, executive director of the University of Hawaii’s
Pacific Asian Center for Entrepreneurship.
The office of entrepreneurship also fosters relationships with established entrepreneurs
in the local community and connects students with business and government enterprises.
Schools with a program that have grown to Level Two have made a solid commitment to
provide student entrepreneurs with the support services needed to organize and grow their
budding enterprises.

Level Three: Interdisciplinary Approach
Schools at Level Three, where entrepreneurship principles are infused into a new,
combined curriculum, have the most comprehensive programs for would-be
entrepreneurs. These schools permit students to pursue a major in the subject of their
choice while simultaneously teaching them how to build a business utilizing their
particular specialty. This interdisciplinary approach allows students to pursue their passion
and a promising career.
Mignon Fogarty, founder of the successful Quick and Dirty Tips podcast network and
host of the popular weekly podcast, Grammar Girl, was hired to fill the new chair in Media
Entrepreneurship in the Reynolds School of Journalism at the University of Nevada, Reno.
She says her job is to “infuse an entrepreneurial mindset” throughout the journalism
department and the broader university. “The best way to learn entrepreneurship is to do
entrepreneurship,” she points out. Fogarty teaches students media entrepreneurship utilizing
her own experiences as an English major who launched a successful media company.

“. . . schools permit students to
pursue a major in the subject of
their choice while simultaneously
teaching them how to build a
business utilizing their particular
specialty.”

Level Three is the most complex and comprehensive model of entrepreneurship education.
It fosters a creative mindset and spirit and establishes entrepreneurship education as
a core value. Transcending the idea that the subject is only for business students and
faculty, schools at Level Three provide opportunities for all would-be entrepreneurs, from
engineering to fine arts.

2014 Annual Report

Level Three programs typically offer student competitions, development space for start-ups,
and commercialization programs. At this level, opportunities for learning entrepreneurship are
part of a comprehensive suite of university-wide, wrap-around services dedicated to bringing
student ideas to market. Both Arizona State University, which continues to nurture Bosse Tools
through its Edson Accelerator program, and Stanford University, which hosts StartX Med, are
examples of this comprehensive approach.

The Choice
Choosing whether to run with an entrepreneurial idea instead of attending college used to be
a dilemma. So was having to choose between majoring in a subject you loved versus a subject
likely to land you a good job after college. These tough decisions are not entirely eliminated,
but the new discipline of entrepreneurship can help ease the difficulty by combining
innovative and engaging options with a college education. Finding a program that fits into
the plans of almost any aspiring entrepreneur is an exciting venture in itself, one that turns a
difficult decision into an inspiring opportunity.

“Finding a program that fits into
the plans of almost any aspiring
entrepreneur is an exciting
venture in itself, one that turns a
difficult decision into an inspiring
opportunity.”

For Further Reading
Kauffman Foundation. 2008. “Entrepreneurship in American Higher Education: A Report from the
Kauffman Panel on Entrepreneurship Curriculum in Higher Education.”
Kuratko, Donald F. 2005. “The Emergence of Entrepreneurship Education: Development, Trends, and
Challenges.” Entrepreneurship Theory and Practice 29(5): 577-598.
Morris, Michael H., Donald F. Kuratko, and Jeffrey R. Cornwall. 2013. Entrepreneurship Programs and
the Modern University. Cheltenham, UK: Edward Elgar.
Office of Innovation and Entrepreneurship, Economic Development Administration, U.S. Department
of Commerce. 2013. “The Innovative and Entrepreneurial University: Higher Education, Innovation,
and Entrepreneurship in Focus.”
Solomon, George T. 2014. “The National Survey of Entrepreneurship Education: An Overview of 20122014 Survey Data.” George Washington University Center for Entrepreneurial Excellence.
Torrance, Wendy E.F. 2013. “Entrepreneurial Campuses: Action, Impact, and Lessons Learned from the
Kauffman Campus Initiative.” Ewing Marion Kauffman Foundation Research Paper.

2014 Annual Report

The Value of Lifelong Learning

John C. Williams
President and CEO

he previous two essays have laid out the arguments for investing in education
and following new career paths, supported by solid data, research, and interviews.
One might expect that, as an economist, I would follow suit with an extended
investigation of the return on investment of education, replete with detailed charts and
tables, and an alphabet soup of equations. Normally, this would be the case. But for this
year’s essay, I decided to take the path less travelled—or, at least, the one less travelled by
policy-wonk economists—and offer my own views about the value of education, in the
formal sense, certainly, but more importantly, as the foundation of lifelong learning.
Education doesn’t stop at the last final exam. The arc of one’s life, and indeed one’s career,
is determined by how we continue to learn. To believe that the course of university
study arms us with the tools to fully participate in adult life without constant update is
to make a critical mistake. Our formal education prepares us with many mechanisms
with which to approach life in the “real world.” Some of these are practical skills, some

2014 Annual Report

are the intellectual preparedness to take on a new job or career, and some appear to have
no impact, other than to have offered some diversion during college or high school. But
even the lessons that do not appear to have a pragmatic purpose are vital to our success
in later life. They teach us to see the world differently and thus view obstacles from several
perspectives and approach them from different angles. They’re important because they
teach us how to think, not what to memorize. And that is key if we are to push ourselves to
continue learning and be open to new ideas.
Even in a profession as seemingly mundane as economics, the field is always changing.
I once was speaking to a group that included students of a former professor of mine. I
flattered my former teacher that he’d taught me “everything I know” about the day’s topic.
He retorted that he hoped that wasn’t true; he’d be alarmed if I’d failed to learn anything
new on the subject in the intervening 25 years.
Of course, he was right, and neither I nor any other economist would claim that we’ve
learned everything and can give up studying. New models, data, and methods of analysis
are constantly emerging. The most skilled economists are those who can adapt to new ideas
and new ways of thinking, because no one—not economists, not computer programmers,
not teachers—will be doing the exact same job in five years’ time, let alone 30. Indeed, the
term “creative destruction”—the idea that progress by its very nature destroys economic
structures as innovation makes old models obsolete—was coined by an economist. Like
everyone else, we must adapt to the changing world in which we operate.
The groundwork for evolving along with one’s profession is not laid in the rote learning
of new technologies or equations, but in the critical thinking imparted by those lessons
seemingly unrelated to the practicalities of our chosen trades. Perhaps a physicist doesn’t
draw a direct link between her English classes and life in the lab. Maybe a computer
programmer fails to find the connection between philosophy and coding. But all learning
is a part of our intellectual and professional success. These disciplines, often considered the
“soft” studies are anything but, and they foster the ability to think strategically, to parse ideas,
and to question embedded hierarchies that make the mind agile enough to not only adapt
to technological advances, but also to embrace new thinking.

Senior Vice President and Associate Director of Research
Federal Reserve Bank of San Francisco

“Indeed, the term ‘creative
destruction’—the idea that
progress by its very nature
destroys economic structures as
innovation makes old models
obsolete—was coined by an
economist.”

2014 Annual Report

This is not a novel idea. The concept of well-rounded learning harkens back to classical
antiquity, when education in seven liberal arts was considered essential for a truly educated
mind. Those same subjects were vital to the Medieval founders of the modern university
system, who grouped those disciplines under the auspices of the trivium—grammar, logic,
and rhetoric, used to sharpen critical-thinking skills—and the quadrivium—arithmetic,
geometry, astronomy, and music, whose foundation was the study of numbers. It was
believed that the knowledge of these arts laid the groundwork for all areas of study and the
pursuit of each aided in the mastery of the others. This is more than high-minded pedantic
philosophy: modern science has borne this theory out again and again. The seven arts were
eventually joined by an expanded roster of subjects, but the fundamental theory that a full
educational offering strengthens the intellect remained. That’s why, as an economics major, I
was expected to take language, history, and science classes, or why the math majors had
to fulfill humanities and social sciences requirements.

“. . . it is clear to me that the Twelfth
District is a hub of innovation in large
part because of its diversity, and that
we continue to draw talent here for
the same reason.”

The message in this is not that one should rush out and take an astronomy class—though
that may be beneficial, and undoubtedly fun. As it happens, I did take astronomy classes as
a student at Berkeley, and I can attest that they were both beneficial—I learned methods
of investigation and ways of thinking that were different from those in my economics and
political science classes—and very enjoyable. The point is that the mind is sharpened by
education and experiences outside our own spheres of familiarity. The more adaptable we
become, the more open we are to new ideas and perspectives. We have the great benefit
of living in an incredibly diverse country, populated by people with different cultures,
experiences, and backgrounds from our own. To some extent, we are living in our own
university. One of the most important aspects of lifelong learning, and one of the greatest
benefits of exercising the mind, is that it fosters creativity. As the president of the Federal
Reserve Bank of San Francisco, I would be remiss if I did not point out not only the vast array
of industries that call the Twelfth District home, but the central role innovation has played in
them, from technology and biotech to agriculture and financial services. Innovation comes
from inspiration and invention, but also in combining existing ideas in new and creative
ways. Learning about other cultures and societies can foster that kind of creative process,
and it is clear to me that the Twelfth District is a hub of innovation in large part because of its
diversity, and that we continue to draw talent here for the same reason.

2014 Annual Report

The pursuit of lifelong learning takes more than preparedness, more than intellectual
curiosity, and more than critical thinking…it also takes willingness and fearlessness. The
former Federal Reserve Chair Ben Bernanke once spoke of his own experience leaving
academia for public service and noted that once we have settled into our comfort zones, or
managed to tick those myriad accomplishments off the to-do list, it’s time to take on new
challenges.
He’s right, and in whatever profession we’ve chosen, it is up to us to continue to challenge
ourselves and make learning a part of our everyday lives. I would add my own advice that
failure is an inevitable part of life and most often a prelude to success. Rome wasn’t built in
a day and neither was the iPad, space shuttle, or modern medical treatments. There were
countless failures and missteps along the way, and those provided their own form of learning.

“. . . once we have settled into our
comfort zones, or managed to tick
those myriad accomplishments off
the to-do list, it’s time to take on
new challenges.”

In excelling in whatever it is we do, we wade into uncharted waters. But if we’ve done it right,
we know that we have been equipped with the ability to navigate our way with the critical
thinking gleaned by our education; the adaptation founded on the ability to think differently;
the ability not just to learn from mistakes, but to bounce back when we make them; and
our willingness to keep learning. All of this is lifelong learning, and none of us can succeed
without it.

Bank Leadership
as of December 31, 2014
(Left to Right)

Roy A. Vallee

Deputy Chairman
of the Board

Patricia E. Yarrington
Chair of the Board and
Federal Reserve Agent

John C. Williams

President and
Chief Executive Officer

Mark A. Gould

First Vice President and
Chief Operating Officer

(Left to Right)

Adrian Rodriguez

Senior Vice President
Communications and Community Engagement

Executive Committee
as of December 31, 2014

James D. Narron

Senior Vice President
Cash Product Office Manager

Susan A. Sutherland

Senior Vice President
Equal Employment Opportunity, Human Resources, Statistics;
Director, Office of Minority and Women Inclusion;
Seattle Branch Manager

Mark A. Gould

First Vice President and
Chief Operating Officer
Cash Product Office Director

John C. Williams

President and
Chief Executive Officer

Roger W. Replogle

Senior Vice President
District Cash Services, Administrative Services, Police Services,
Facilities, Business Development, Customer Support,
Business Continuity; Los Angeles Branch Manager

Mary C. Daly

Senior Vice President and
Associate Director of Research

Gopa Kumar

Senior Vice President and
Chief Information Officer
Information and Technology Services

Teresa M. Curran

Senior Vice President and Director
Banking Supervision and Regulation

Erik Z. Revai

Senior Vice President and
General Counsel

Branch Managers
as of December 31, 2014
(Left to Right)

Steven H. Walker
Portland

Robin A. Rockwood
Salt Lake City

Roger W. Replogle
Los Angeles

Susan A. Sutherland
Seattle

San Francisco Head Office
Board of Directors

Chairman of the Board and
Federal Reserve Agent

Deputy Chairman of the Board

ROY A. VALLEE
Retired Executive Chairman and
Chief Executive Officer
Avnet, Inc.
Phoenix, Arizona

ALEXANDER R. MEHRAN
Chairman and
Chief Executive Officer
Sunset Development Company
San Ramon, California

RICHARD A. GALANTI
Executive Vice President and
Chief Financial Officer
Costco Wholesale Corporation
Issaquah, Washington

STEVEN R. GARDNER
President and
Chief Executive Officer
Pacific Premier Bank
Irvine, California

as of January 1, 2015
Boards of directors of the Reserve Banks and Branches provide
the Federal Reserve System with a wealth of information on
economic conditions in every corner of the nation. This information,
along with other sources, is used by the Federal Open Market
Committee and the Board of Governors when reaching decisions
about monetary policy.

STEVEN E. BOCHNER
Partner
Wilson, Sonsini, Goodrich &
Rosati, P.C.
Palo Alto, California

MEGAN F. CLUBB
Chief Executive Officer and
Chairman of the Board
Baker Boyer National Bank
Walla Walla, Washington

Member of the
Federal Advisory
Council, Appointed by
San Francisco Board of
Directors

PETER S. HO
Chairman, President and
Chief Executive Officer
Bank of Hawaii and
Bank of Hawaii Corporation
Honolulu, Hawaii

BARRY M. MEYER
Founder and Chairman
North Ten Mile Associates
Burbank, California

NICOLE C. TAYLOR
President and
Chief Executive Officer
Thrive Foundation for Youth
Menlo Park, California

JOHN G. STUMPF
Chairman, President and
Chief Executive Officer
Wells Fargo & Company
San Francisco, California

Los Angeles Branch Board of Directors
as of January 1, 2015

Chairman

JAMES A. HUGHES
Chief Executive Officer
First Solar, Inc.
Tempe, Arizona

PEGGY TSIANG CHERNG
Co-Chair of the Board and
Co-Chief Executive Officer
Panda Restaurant Group, Inc.
Rosemead, California

ROBERT H. GLEASON
President and
Chief Executive Officer
Evans Hotels
San Diego, California

GINA MARIE LINDSEY
Executive Director
Los Angeles World Airports
Los Angeles, California

JOHN C. MOLINA
Chief Financial Officer
Molina Healthcare, Inc.
Long Beach, California

DAVID I. RAINER
Chairman and
Chief Executive Officer
California United Bank
Encino, California

ILYANNE MORDEN KICHAVEN
Executive Director, Los Angeles
SAG-AFTRA
Los Angeles, California

Portland Branch Board of Directors
as of January 1, 2015

Chairman

JOSEPH E. ROBERTSON, JR., M.D.
President
Oregon Health & Science University
Portland, Oregon

S. RANDOLPH COMPTON
President, Chief Executive Officer
& Co-Chairperson of the Board
Pioneer Trust Bank, N.A.
Salem, Oregon

ROBERT C. HALE
Chief Executive Officer
Hale Companies
Hermiston, Oregon

TAMARA L. LUNDGREN
President and
Chief Executive Officer
Schnitzer Steel Industries, Inc.
Portland, Oregon

CHARLES A. WILHOITE
Managing Director
Willamette Management
Associates
Portland, Oregon

STEVEN J. ZIKA
Chief Executive Officer
Hampton Affiliates
Portland, Oregon

ROMÁN D. HERNÁNDEZ
Shareholder
Schwabe, Williamson & Wyatt, P.C.
Portland, Oregon

Salt Lake City Branch Board of Directors
as of January 1, 2015

Chairman

BRADLEY J. WISKIRCHEN
Chief Executive Officer
Keynetics Inc.
Boise, Idaho

JOSH ENGLAND
President
C.R. England, Inc.
Salt Lake City, Utah

SUSAN D. MOONEY JOHNSON
President
Futura Industries
Clearfield, Utah

PARK PRICE
President and
Chief Executive Officer
Bank of Idaho
Idaho Falls, Idaho

PATRICIA R. RICHARDS
President and
Chief Executive Officer
SelectHealth, Inc.
Murray, Utah

ALBERT T. WADA
Chairman
Wada Farms, Inc.
Pingree, Idaho

PETER R. METCALF
Lead Founder and
Chief Executive Officer
Black Diamond, Inc.
Salt Lake City, Utah

Seattle Branch Board of Directors
as of January 1, 2015*

Chairman

SCOTT L. MORRIS
Chairman, President and
Chief Executive Officer
Avista Corporation
Spokane, Washington

CRAIG DAWSON
President and
Chief Executive Officer
Retail Lockbox, Inc.
Seattle, Washington

GREG C. LEEDS
President and
Chief Executive Officer,
Wizards of the Coast
Hasbro, Inc.
Renton, Washington

MARY O. McWILLIAMS
Retired Executive Director
Washington Health Alliance
Seattle, Washington

NICOLE W. PIASECKI
Vice President and
General Manager,
Propulsion Systems Division
Boeing Commercial Airplanes
Seattle, Washington

*Reflects two vacant seats

Twelfth District
Economic Advisory Council

Chairman

Vice Chairman

GEORGE ZINN
Corporate Vice President
and Treasurer
Microsoft Corporation
Redmond, Washington

JOHN E. (JACK) PELO
President and
Chief Executive Officer
Swire Coca-Cola, USA
Draper, Utah

as of January 1, 2015
Established May 1985
The Twelfth District Economic Advisory Council is a source of information on
current and pending economic developments in the Twelfth District. The members
provide observations, opinions, and advice to members of the boards of directors
and management of the Federal Reserve Bank of San Francisco. The Twelfth District
Economic Advisory Council members reside within the nine state District of this
Reserve Bank.

JAMES A. BEER
Executive Vice President and
Chief Financial Officer
McKesson Corporation
San Francisco, California

RICHARD C. BLUM
Chairman and
Chief Executive Officer
Blum Capital Partners
San Francisco, California

JAKE BOYER
President and
Chief Executive Officer
The Boyer Company
Salt Lake City, Utah

IAN T. CLARK
Chief Executive Officer
Genentech
South San Francisco, California

PHILIP L. FRANCIS
Retired, Executive Chairman
PetSmart, Inc.
Phoenix, Arizona

KATHRYN A. HALL
Chief Executive Officer and
Co-Chief Investment Officer
Hall Capital Partners, LLC
San Francisco, California

DONALD R. KNAUSS
Executive Chairman
The Clorox Company
Oakland, California

KEVIN C. LEADER
Principal Vice President
and Treasurer
Bechtel Corporation
San Francisco, California

MARY PAT B. THOMPSON
Chief Financial Officer and
Senior Vice President
MWI Veterinary Supply, Inc.
Boise, Idaho

THOMAS E. VICE
President, Aerospace Systems
Northrop Grumman
Redondo Beach, California

Twelfth District
Community Depository Institutions Advisory Council

Chair

as of January 1, 2015
The Twelfth District Community Depository Institutions Advisory Council (CDIAC) serves as an important
source of information about the ability of community depository institutions to support local markets in the
District. Members reside in the nine-state region of the Twelfth District and provide observations, opinions,
and advice to management of the Federal Reserve Bank of San Francisco and members of the Board of
Governors of the Federal Reserve System. The chairman represents the Twelfth District at CDIAC meetings
held by the Board of Governors twice a year in Washington, D.C.

ADRIANA M. BOEKA
President and
Chief Executive Officer
Americas United Bank
Glendale, California

MALCOLM F. HOTCHKISS
Chief Executive Officer
United Business Bank
Oakland, California

ELIZABETH J. DOOLEY
President and
Chief Executive Officer
Educational Employees
Credit Union
Fresno, California

MATTHEW C. PACKARD
President and
Chief Executive Officer
Central Bank
Provo, Utah

DAVID E. DOSS
President and
Chief Executive Officer
Arizona State Credit Union
Phoenix, Arizona

KENT A. STEINWERT
Chairman, President and
Chief Executive Officer
Farmers and Merchants
Bank of Central California
Lodi, California

MELANIE J. DRESSEL
President and
Chief Executive Officer
Columbia Bank
Tacoma, Washington

ROBERT A. STUART
President and
Chief Executive Officer
OnPoint Community
Credit Union
Portland, Oregon

JANET A. GARUFIS *
President and
Chief Executive Officer
Montecito Bank & Trust
Santa Barbara, California

GREGORY GARRABRANTS
President and
Chief Executive Officer
Bofl Federal Bank
San Diego, California

C. ALAN HORNER
Chairman, President and
Chief Executive Officer
First Federal Savings Bank of
Twin Falls
Twin Falls, Idaho

STANLEY C. WILMOTH
President and
Chief Executive Officer
Heritage Bank of Nevada
Reno, Nevada

* Janet A. Garufis, Chair of the District CDIAC, represents the District at the Board of Governors’ CDIAC meetings

Financial Statements
2014

Auditor Independence
The Federal Reserve Board engaged Deloitte & Touche LLP (D&T) to audit the 2014 combined and individual financial statements of the
Reserve Banks and Maiden Lane LLC1.
In 2014, D&T also conducted audits of internal controls over financial reporting for each of the Reserve Banks. Fees for D&T’s services
totaled $7 million, of which $0.4 million was for the audit of Maiden Lane LLC. To ensure auditor independence, the Board requires that
D&T be independent in all matters relating to the audits. Speci fically, D&T may not perform services for the Reserve Banks or others
that would place it in a position of auditing its own work, making management decisions on behalf of the Reserve Banks, or in any
other way impairing its audit independence. In 2014, the Bank did not engage D&T for any non-audit services. The Bank leases office
space to Deloitte LLC.

View the Federal Reserve Bank of San Francisco’s 2014 financial statements,
along with financial statements for the entire Federal Reserve System, at:
http://www.federalreserve.gov/monetarypolicy/files/BSTSanFranciscofinstmt2014.pdf

In addition, D&T audited the Office of Employee Benefits of the Federal Reserve System (OEB), the Retirement Plan for Employees of the Federal Reserve System (System Plan), and the Thrift Plan for Employees of the Federal Reserve System
(Thrift Plan). The System Plan and the Thrift Plan provide retirement benefits to employees of the Board, the Federal Reserve Banks, the OEB, and the Consumer Financial Protection Bureau.

Acknowledgements
Internal Communications acknowledges the following
for their contributions to the 2014 Annual Report, Does College Matter?
Essays:
Interviews:

Design:
Photography:
Is College Worth It?
College Calculator:
Thank you to the
following departments:

Yifan Cao, Mary C. Daly, Jody Hoff, and John C. Williams
Maria Adair-Chulski, Trever Bostrom, Mary C. Daly, Early Elias, Mignon Fogarty, Aaron Gagleard,
Divya Nag, Javier Quintero, Fernando Santos, Stephen Walden, and Susan Yamada
Beau Kelsey, User Experience Design Center
Mark Compton Photography
Leila Bengali, Yifan Cao, Mary C. Daly, and Jody Hoff
Accounting, Communications and Community Engagement, Economic Research,
Human Resources, and the Office of the Secretary

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