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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

Q:

You've never discussed changing that “each tub on its own bottom” policy?

Heiskell:

No--yes, we've discussed it, but we keep concluding that it has so many advantages--namely, with “each tub on its own bottom”, each tub really manages, is responsible for its own management. And that's a much greater incentive than a centralized administration, where you just say: “Well, the boss will take care of it.” Here, every school really tries to run its own affairs, and the central administration is there to help them run their affairs. Obviously, each school doesn't have its own buildings and grounds department, or its own accounting departments, and so on and so on. That is centralized. But their responsibility--they are responsible for their own fate, and they have to balance their books at the end of the year, or borrow. They can borrow from the Corporation at T plus 1 or 2, but then they've got to pay back. Usually.

Q:

T is Prime rate or Treasury Bill?

Heiskell:

Treasury Bill. You know, occasionally we slip them something, but we don't break this basic rule. And that gives a big sense of responsibility to the individuals--

Q:

But you said--

Heiskell:

--and we think this is very key.





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