1994 ACCOUNTING HALL OF FAME INDUCTION: ROBERT SPROUSE

Abstract

INTRODUCTION by Professor Charles T. Horngren Stanford University I am honored and pleased to introduce Robert Sprouse on this noteworthy occasion. Among the many positive words that might be used to describe Bob Sprouse are: intelligent, dependable, pleasant, good-humored, gentlemanly, good listener, articulate, and fun to be with. I met Bob and Fran Sprouse at Bill Vatter's house in California in January 1959, over 35 years ago. I first heard about Bob in 1955. Bill Vatter was seeking new young talent then for the University of Chicago. Bill mentioned that some doctoral student named Sprouse at Minnesota was a sparkling star in teaching. Many academics are clearly outstanding teachers. Too often, their reputations and recognition are confined at best to their home institutions. For those who may be unaware, Bob Sprouse has an enviable record as a superb teacher in every dimension of that important role. Before reading the citation, let me share a few Sprouse items that may not be well known. (1) He is about the only person I know whose handwriting is a model of flawless penmanship. He writes like an accountant should. (2) Bob Sprouse has had a variety of interests. Of course, he was the staid vice-chairman of the Financial Accounting Standards Board. But shortly thereafter, he became a part-owner of a race horse and an avid $2 bettor at the Tijuana racetrack and elsewhere. Even as a two-dollar bettor, a couple of years ago Bob bought an $8 ticket in an attempt to pick the winners of all nine races at Santa Anita. No one had eight or nine winners that day. For his seven winners, he received $45,000. He now is the full owner of two fillies. Bob's long-time friend, Bob Jaedicke, once asked why Sprouse wasted his investment dollars on a horse. Why didn't he sell? Bob Sprouse responded that he had too much money invested therein. Perhaps he never did understand the concept of sunk costs. (3) When Bob Sprouse and I were Stanford colleagues, one afternoon I was a passenger in his car. He was driving at or above the speed limit in the fast lane of a busy Bay Area freeway. Suddenly we ran out of gas. I do not recommend that situation to anybody. Fortunately, after a few harrowing moments, we were able to coast off to the side. Bob Sprouse was suitably embarrassed. Bob, I'll always cherish the memory of our sharing this neardeath experience. I am glad that we are both still alive to enjoy today's grand occasion. CITATION by Professor Thomas J. Burns The Ohio State University Although he has a lifetime of achievements, he started his life in very humble circumstances. Born in rural San Diego county in 1922, he lived with his mother and four brothers and sisters after his parents separated. For a while they lived on the earnings of his two older brothers who caddied on weekends. His mother worked for 25 years sorting lemons in a packing house. He was the only member of his family ever to attend college. After high school, he attended San Diego State College, the older brother helping out financially. He did not do well in college. After two years, he was on probation and decided to quit. His brother agreed. Until he was drafted in 1942, he worked at a Piggly Wiggly grocery store and then a nursery/flower shop, starting at a salary of $15 a week. He had never held a rifle in his hands before infantry basic training, but he qualified as an expert. As a result, he was promoted to corporal and later to sergeant. He was accepted in Officer Candidate School and, in 1945, was commissioned as a 2nd lieutenant in the infantry. During three years in Germany, he served as a prosecutor in General Courts Martial where he met his wife, Fran, who was a U.S. civilian court reporter. They spent their honeymoon in Venice. He left the service in 1949 to pursue a college degree, relying heavily on the GI Bill, which helped finance higher education for veterans. …