1994 ACCOUNTING HALL OF FAME INDUCTION:
ROBERT SPROUSE
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, depend-able, pleasant, good-humored, gentlemanly, good listener, ar-ticulate, and fun to be with.
I met Bob and Fran Sprouse at Bill Vatter’s house in Cali-fornia 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 of-ten, 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 win-ners 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 fil-lies.
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 near-death 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 col-lege. After high school, he attended San Diego State College, the older brother helping out financially. He did not do well in col¬lege. 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, rely-ing heavily on the GI Bill, which helped finance higher educa-tion for veterans. Returning to San Diego State, he was inspired by Professor Charles W. Lamden to major in accounting and undertake an accounting career. A visiting professor from the University of Minnesota offered him an assistantship to do graduate work at Minnesota. There he studied under Professor Carl L. Nelson. He received his University of Minnesota Ph.D. in 1956. Subsequently, he served on the faculties of the University of California at Berkeley, Harvard University and Stanford Uni¬versity. In 1973, he began a term of nearly thirteen years on the Financial Accounting Standards Board. He was the Board’s vice chairman for eleven of those years.
With his colleague, Accounting Hall of Fame member Maurice Moonitz, he co-authored Accounting Research Study No. 3 for the AICPA’s Accounting Principles Board. Several of his many published writings have been reproduced in a book of readings and translated into foreign languages. He was presi¬dent of the American Accounting Association in 1972-73. Fol¬lowing his service on the FASB, he became the first AAA direc¬tor of publications. He has received a number of other honors.
He and Fran, his wife of 47 years, have a daughter and a son. Since retirement, he has become involved as an owner and breeder of thoroughbred race horses. For recreation he runs competitively as well as for pleasure, gardens, and swims. He is the 54th member of the Accounting Hall of Fame
