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2003 IWU SIFE Annual Report
Who are We?
Indiana Wesleyan University is located in Marion, Indiana, a city of about 30,000. With 8,768 students enrolled, IWU is one of the fastest growing universities in the U.S. There are 2,348 students enrolled in the traditional programs on the Marion campus, and 6,248 working men and women enrolled in the College of Adult and Professional Studies classes throughout Indiana, Kentucky, and Ohio. Traditional students come from 45 states and 25 countries.
Mission Statement: Indiana Wesleyan University is a Christ-centered academic community committed to changing the world by developing students in character, scholarship, and leadership.
Market Economics
Cash Money Millionaire Investment Game
The purpose of this project was to teach kids about the Free Enterprise System by refining a game developed last year by the SIFE team. The game was renamed “Cash Money Millionaire” and we took the game into middle schools for continued testing and educating. The refining of the game began by analyzing the weaknesses and strengths that existed in the current model. The design and layout of the game board was modified to create an established “flow” that would maximize the effectiveness and efficiency of game time. Additionally, many of the monetary amounts were changed to become more realistic.
After the changes were completed, we then tested the final draft at a local middle school. We began by pre-testing the abilities of eight students, assessing the vocabulary and initial knowledge of the students with financial concepts. We guided the students while they played the game, directing and assisting where they had questions. Post-testing helped us to assess the specific areas in which the students had received knowledge by the implementation of the game. Another aspect of post-testing included questions regarding the student’s reaction to the game’s effectiveness, such as whether or not they would purchase the game, and also if they enjoyed the experiential learning process that we had created. Post-test results will be available in early April due to community students being on Spring Break. Five students committed 50 hours to this project.
Entrepreneurship
Business Consulting- McConn Coffee Co.
McConn Coffee Co. is a business located on the IWU campus and was started by SIFE students in 1996. Thirty-two students have been involved in this project, a total of --- hours. A Small Business Management class, working in conjunction with SIFE students, designed a business plan for McConn, providing structure and support for the continual development of the company over the 2002-2003 school year. Various additions included an employment application screening process, employee training program, online market surveys, and frequent buyer cards. In general, McConn was designed to be a much more user-friendly and efficient student-led organization. Consequently, this school year has proven to be a very pivotal year in the lifetime of the company—we have seen a 100% increase in profits, with a sales projection of $100,000. We have increased employment opportunities and product offerings, and are providing numerous internship prospects for business students. Twenty-nine individuals have been involved in this project, contributing around 960 hours.
Heads-Up Sports
Students composed a business plan for a local non-profit youth sports program that has been in operation for six years and is jointly sponsored by IWU. Five individuals were involved and committed 110 hours to this project.
Entrepreneurship Education- Super Scoop Restaurant
Students were challenged to find creative ways to assist a local business in increasing their customer base without the business having to incur any cost. This project was intended to promote a solid business venture in the community. The intent is for SIFE to be involved each year in assisting at least one local small business owner. Twenty-two students worked on this project totaling 100 hours.
Personal Success Skills
Financial Literacy
SIFE students are preparing to educate the Grant County community about financial literacy. We have been organizing curriculum based on information provided by the national SIFE organization and will be instituting these programs in the upcoming months. This is an initiative that the IWU SIFE team plans to focus heavily upon during the next year. By gathering information from various banks on their checking, savings, and credit card options, contacting a professional that can talk with the students, and scheduling a time to present to a class, we hope to provide valuable knowledge to students that can keep them out of financial trouble early in life. Seventeen students have contributed approximately 30 hours toward this program.
Responsible Use of Credit
Student Development administrators on the IWU campus informed us that the average student carries four credit cards while they are in college. SIFE team members are trying to raise the awareness level on our campus about the abuse of credit and have made a concerted effort to remove all applications for credit cards from classrooms and other campus locations. Five students were involved in this project and worked 5 hours.
Other Activities
Investing Your Talents
Using the Biblical example from Matthew 25:14-30, students were challenged to take the $1, $2, $5 initial amount and invest it in a creative way. The challenge was to at least double the money. A total of $150 was initially distributed and the students brought back over $1100 of profit. These young entrepreneurs did such creative activities as Christmas gift tag making, fingernail painting, creating homemade beanie caps, beading bracelets, implementing e-Bay and dating auctions, and various other projects. Of the funds collected, money was given to the Riley Children’s Hospital in Indianapolis for children’s gifts, the Angel Tree program for families of prisoners, clothing for a local teen awaiting an organ transplant, and donations to two local families struggling with economic stress around the holidays. One hundred thirteen students were involved in this project totaling around 250 hours.
Wants vs. Needs
IWU business students were challenged to discern the difference between wants and needs. An outgrowth of that evaluation led to the challenge to raise money for the Grant County Rescue Mission, a local charity that feeds homeless people in the two surrounding counties. Two groups of students in a three-week period of time collecting almost $160 dollars in a penny drive. The final group of students has a goal to collect $1000 before Easter. The money collected in the fall fed over 100 homeless people during the holiday season. The money being targeted in the spring should feed around 530 individuals around Easter time. Ninety-three students were involved in this project, totaling approximately 200 hours.
Hopeline
Business students partnered with a program called Upward Bound on the IWU campus to collect used or broken cellular phones and donate them to Verizon Wireless’ Hopeline program. This program collects previously owned wireless phones to benefit domestic violence survivors across the country. Seventeen students have been involved in this project, currently totaling at least 15 hours. This new initiative has already collected 6 old phones in the first two weeks.
Media Coverage
Sojourn, the campus newspaper, has carried two extensive articles about the McConn Coffee Co. and the SIFE team. A news release was given to the local newspaper, the Marion Chronicle-Tribune, and is scheduled to be published soon.
Business Advisory Board
1. Roger Bainbridge, Owner
Bainbridge Graphics
2. Kem Linn, Owner
Cubberley’s, Inc. - a wholesaler of candy and grocery supplies
3. Phil Renbarger, Owner
Renbarger Insurance and Financial Services
4. Rob Swagger, Partner
Edward Jones Investment Services
IWU and Community Information
Indiana Wesleyan is a Christian four- year university centrally located in Marion, Indiana, 110 miles north of Indianapolis, and 55 miles south of Ft. Wayne. Indiana Wesleyan University has continually improved the local community since its establishment in 1920 especially in the past 14 years with new building being built every year during that time span. This Christ-centered university offers its undergraduate students 63 majors, featuring 230 students in five majors within the Business division. IWU SIFE, as well as the University as a whole, is a light to a community struggling with company closures and relocations. IWU is one employer that has steadily increased its workforce in Marion and other areas around the state.
IWU has taken advantage of SIFE opportunities to become leaders in our community.
Contacts Made Throughout Project
•Two teachers at local schools
•Four IWU students beta tested the game
•Four IWU Print Shop personnel
•One graphic designer
•IWU Business Division
•Vice President for Student Development
•IWU Media Center
•McConn Coffee Co. personnel
•Forty-seven Small Business Management
•Students
•IWU Campus Newspaper (Sojourn)
•IWU in-house design personnel
•Grant County Rescue Mission
•Grant County Chaplain’s Angel Tree
•Program
•Upward Bound
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