HomeOur comprehensive Annual Report will be released on Monday July 26, 2010 at 8:00 a.m. In the meantime, please refer to our Letter from the President.
Letter from the President:
I could not be more pleased with the performance of the Drexel Finance Association (“DFA”) during fiscal 2010. The organization delivered unprecedented growth in all major areas including, but not limited to, membership, attendance and event frequency. Our Executive Board of Directors (“the Board”) worked tirelessly throughout the year to achieve every goal set forth last summer despite a still-challenging job market, especially in the financial services industry.
Synergies enable tremendous growth. Perhaps the most significant accomplishment in fiscal 2010 was the number of premier events the DFA was able to host—eight, in total—which was up 100% from fiscal 2009. The major catalyst for the increase was the DFA’s ability to leverage its relationships with other student organizations and college departments to realize existing synergies. This strategy enabled the DFA to host more events at a substantially lower cost base, which in turn allowed for more efficient use of our SAFAC funding, especially in the much-needed areas of marketing, promotion and member relations. Going forward, I expect the DFA to continue its strategic partnerships with other organizations and departments to better serve the LeBow College of Business community.
Fiscal 2010: A “Banner” Year. As I alluded to earlier, the DFA broke event attendance records several times during the year, which I believe is a testament to the relevancy and practicality of the organization and demonstrates that our mission resonates well with students. Particularly encouraging was the turnout for our “marquee” event in the Spring term, which featured prominent professionals in the hedge fund industry. While the 65 students in attendance was not a record, it did represent a modest increase over the prior year’s comparable event despite a number of headwinds including midterm exams and the university’s co-op cycle shift.
Putting the “Finance” in Drexel Finance Association. For fiscal 2011, the DFA will have a SAFAC budget of $3,642, which represents an approximately 4% increase over last year’s allocation. On a more inspiring note, the DFA boasts a 74% compound annual growth rate for its SAFAC allocation for the four years it has been a recognized student organization. However, during that time, our funding per member (“FPM”) has decreased roughly 19% from $10 to $8.09, which I believe is unacceptable given the organization’s impressive recent performance. I would expect the DFA to achieve a $5,000 allocation and return to $10 FPM by fiscal 2013, based on an estimated 500 members.
Overwhelming number of Executive Board applicants. In late January, the DFA announced it would be conducting interviews to fill Associate Director positions on the Board. The response was overwhelming as the DFA received over 45 applications in just three days. After a month-long interview process, two freshmen, Bryce Istvan and Chris Krumenacker were named to the Board effective immediately. Bryce and Chris join Emily Lupico and Vicky Lantushenko, who were named to the Board last fall, as its newest members. Freshman Jeff Cho, who is currently Vice President of Drexel Investment Group (DIG), will serve as liaison for the two organizations in an effort to improve relations and ensure students’ interests remain our top priority. We are excited about these additions and look forward to their contributions in the future.
Bulls & Bears Press puts DFA on the map. In March, the DFA announced its participation as a member-organization of the prestigious Bulls & Bears Press, the largest collegiate financial news publication in the world. Coinciding with the announcement, I was featured in the March 28 issue with an interview highlighting the DFA. Our intentions going forward are that DFA members will contribute original articles for publication in the Bulls & Bears Press. The article can be viewed HERE!
On behalf of the Drexel Finance Association, I would like to thank everyone for their continued support and hope to see you at our future meetings and events.
Warmest regards,
Rich Lavner
President, DFA
