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volume 131, number 49
TUESDAY, APRIL 17, 2012
Students and alumni propose campus credit union Student-run credit union may replace U.S. Bank in the MU By JUSTIN ABRAHAM Aggie News Writer
Irisa Tam / Aggie
With the departure of U.S. Bank from its Memorial Union (MU) location, conversation about the future of banking services in the university has engendered alternative options. One group of students and alumni is beginning the process of installing a student-run credit union to take up the financial role that U.S. Bank once served on campus. “Sure, we got U.S. Bank out of the MU, but what does that accomplish?” said Chandler Hill, a junior economics major. “There is a legitimate need for financial services in our community.” Hill initially introduced the proposal and established a Facebook group composed of students and alumni to act as an organizational committee. The enterprise would require startup capital amounting to approximately $300,000 to $400,000, according to Hill. “That is actually about as much as it might cost to start up a new Jamba Juice,” Hill said. “Those numbers entail finding a place to have this cred- it union, to buy an ATM or the software for having a vault or a teller system.”
nificant portion of money would have to come from alumni endowments and private investors. Some drawbacks prevent more widespread support for the plan. Members would not enjoy the same accessibility to ATMs and numerous physical branches provided by larger banks. Credit unions also typically offer a smaller variety of financial products. Regarding the campus community, it is uncertain whether revenue from a credit union would be able to match the $167,000 that U.S. Bank provided last year to student services. Despite these disadvantages, the alternative business model of a credit union could potentially address some grievances against the presence of commercial banks on campus. A major difference between credit unions and commercial banks is that in a credit union, members who hold accounts share collective ownership of the business. In this proposal, membership would be extended exclusively to current UC Davis students and alumni. “Banks exist to deliver profits to their shareholders, not to their customers,” said Artem Raskin, a recent political science graduate from UC Davis. “A financial institution that gains a competitive advantage from being located on the premises of a public university should be democratically accountable to the students of that university.” Compared to commercial banks, credit unions also tend to offer lower interest rates on loans and higher returns on deposit accounts. According to Hill, lower rates and a member-oriented attitude would mean that students and alumni would have greater access to
Besides wages and the initial fixed cost, the credit union would also have to pay rent to Student Affairs for a space at the MU, which was approximately $8,000 per month for U.S. Bank. Although the credit union would be student-owned and -operated, ASUCD would be unable to provide any financial assistance, according to ASUCD Senator Kabir Kapur, a political science a n d philosophy double major.
“Funding wouldn’t be able to come from ASUCD because of the budget cuts we’re making this upcoming year,” Kapur said. Both Kapur and Hill agree that a sig-
News iN Brief
Armed Suspect Robs Radio Shack On Sunday, the Davis Police Department (DPD) was dispatched to the 634 G St. Radio Shack around 6:45 p.m. in response to a report of an armed robbery. After a preliminary investigation, officers determined an unknown suspect entered the store, took out a handgun and demanded money and an Xbox 360 video game system. There were no injuries. The suspect fled on foot and proceeded northbound on G Street with an undisclosed amount of cash and the Xbox. The suspect was described as a Hispanic male adult, about 18 to 23 years old, 5 feet 10 inches tall, weighing about 220 pounds and with brown eyes. The suspect was wearing a black hooded sweatshirt and black sweatpants. He also had a black scarf wrapped around his neck. Davis Police Officers are still investigating the case. Anyone with more information is asked to contact the DPD at (530) 747-5400. — Angela Swartz
Picnic Day PreWeek Events This week is Picnic Day Pre-Week. There will be events on the Quad every day leading up to Saturday. Tuesday, Tug o’ War, noon to 1 p.m. Wednesday, Cow Milking Contest, noon to 1 p.m. Thursday, Mini Carnival, noon to 1 p.m. Trivia Night at the Silo, 6:30 to 7:30 p.m. Friday, Entertainment Showcase, noon to 1 p.m.
See CREDIT, page 2
GiveLocalNow campaign calls for increased local donation
— Hannah Strumwasser
UC Davis Symphony Orchestra returns from tour of Spain Group experiences 10 days of encores and sightseeing
Programs help foster healthy nonprofits in Yolo and surrounding area
Gail Catlin
Courtesy of the Nonprofit Resource Center
By EINAT GILBOA Aggie Staff Writer
Gail Caitlin, executive director of the Nonprofit Resource Center in Sacramento, recently gave a pre-
sentation in Woodland on behalf of GiveLocalNow, a campaign aimed at increasing philanthropy in Placer, El Dorado, Sacramento and Yolo County. “The goal of the event was to encourage organizations and to tell their local impact story,” Caitlin said. The Yolo Community Federation hosted the event. “We have hosted nonprofit roundtables in the past and it seemed like a good time to do another one,” said Meg Stallard, president of the board for the federation. “We hope to do it again in the fall.” Stallard explained that GiveLocalNow’s purpose is to help different nonprofit organizations in the county with their own fundraising, and discover and address any other needs they may have. “The program began five years ago as a conversation between the Nonprofit Resource Center and the Sacramento Regional Community Foundation about how we could best help the nonprofit sector,” Caitlin said. “The impulse was to look at philanthropy in the
See LOCAL, page 2
Courtesy of Philip Daley
Christian Baldini conducted the UC Davis Symphony Orchestra at the Palau de la Música Catalana in Barcelona.
By LANI CHAN Aggie Staff Writer
On Wednesday night, the UC Davis Symphony Orchestra returned from its long-await-
ed performance tour of Madrid, Granada, Valencia and Barcelona. The orchestra, made up of over 100 UC Davis students, affiliates and community mem-
bers, drew as many as 2,000 audience members enthusiastic to see an American group play the works of Debussy,
See SYMPHONY, page 5
ICC’s Countdown to Summer! Welcome to week three of the Internship and Career Center’s (ICC) Countdown to Summer! Each week the ICC will highlight a task that will help you be prepared to land a job or internship by summer. Breaking the process down to weekly tasks will make it less daunting and will
Today’s weather Mostly sunny High 71 Low 46
yield success. Week 2: Attend the Spring Internship and Career Fair. Over 120 organizations are coming to recruit people who are clever enough to get into UC Davis and dedicated enough to complete the rigorous coursework here. In oth-
er words, they are looking for you! Many students have been able to land a job through connections made at one of our Internship and Career Fairs. Here are some reasons you would benefit from going to the fair: Increase the chances of your resume being looked at. When
Forecast It is with great pleasure that I announce this week’s coolest high temperature: 71° F! I also will take this opportunity to thank the wise person who decided to open the Rec Pool this weekend. I’ll be there signing weather forecasts all weekend. Alex Neigher, atmospheric science major Aggie Forecasting Team
you submit a resume online, it doesn’t always get the attention it deserves. At the Internship and Career Fair, you have an opportunity to physically hand your resume to someone who will either look at it and make a decision or hand it off to the person who will.
Wednesday
Thursday
Mostly sunny
Mostly sunny
High 74 Low 51
High 79 Low 54
You may be signed up for an interview on the spot! Some companies will look at your resume and, because of the way you present yourself and your background, will sign you up for an interview on the spot or within the next couple
See ICC, page 2
PICNIC DAY: T-Minus 5 days. I can hardly contain my excitement. Mimi Vo