Pathfinder, Volume 12, Number 2, April 1990 Page: 1
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rA a "6 P " j I a .Volume 12, Number 2
AN INTERVIEW WITH STEVE PEJOVICH
Steve Pejovich has asked the board of direc-
tors and the provost of Texas A&MUniversity to
be replaced as director of the Center for Free
Enterprise as soon as an acceptable replace-
ment can be found, preferably as early as
September 1, 1990. Steve became the Center's
director in 1981. He came to Texas A&M after
being dean of the Graduate School of Manage-
ment and acting president of the University of
Dallas. Steveplans to pursue full-time teaching
and research as a professor of economics at
Texas A&M.
Charles Maurice, coeditor of the Pathfinder,
interviewed Dr. Pejovich to get some of his
impressions of the Center's past, present and
future.
Maurice: When you joined the Center in
1981, what were some of your impressions
about the Center?
Pejovich: When I was appointed director of
the Center for Free Enterprise, I thought that
(1) the Center's financial position was very
precarious, (2) the board of directors spent too
much time discussing the financial affairs of
the Center, (3) the Center did not have a well-
defined set of objectives, and (4) the Center
had only three established programs-the
American Economy Institute, the Pathfinder,
and summer research support for Texas A&M
faculty members.I felt that to become an academically re-
spected institution, the Center's most immedi-
ate needs were: (1) to reduce its dependence
on annual contributions, and (2) to develop a
strong working board of directors. Those two
tasks consumed most of my time during the
first few years on the job.
Maurice: Since that time what has happened
to the Center's financial position?
Pejovich: First of all, a strong financial base
provides the ability to make long-term plans.
To secure financial security for the Center-
Les Appelt played an extraordinary role here-
it was decided to raise the CFE's endowment
from about $600,000 to $5,000,000, to create
a one-year cash reserve, and to ask the Cen-
ter's donors, whenever practical, to earmark
their support for specific programs.
The endowment increased from about
$600,000 in 1981 to almost $5,000,000 by
1989. This endowment includes four profes-
sorships and three graduate fellowships. Divi-
dends, interest and other revenues are about
$270,000 per year. The appraised value of real
estate holdings is about $1,800,000. If and
when this land is sold, the Center would
become self-sufficient at its current level of
operations.
Maurice: You mentioned that your other ob-
jective was to develop a strong working board
Continued on next pageU OF NT DEP. Li RARIF 7Mn.?
TEXAS
DOCUMENTS COLLECTION
April 1990
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Texas A & M University. Center for Education and Research in Free Enterprise. Pathfinder, Volume 12, Number 2, April 1990, periodical, April 1990; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1032051/m1/1/: accessed July 8, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.