Bauer Announces Retirement from School Finance

An icon in school finance has announced his retirement. Dr. Richard I. Bauer will step down as Executive Director of the Pennsylvania School District Liquid Asset Fund (PSDLAF), effective June 30.

Bauer has been associated with PSDLAF since the creation of the school investment program 33 years ago by the Pennsylvania Association of School Business Officials (PASBO) and the Pennsylvania School Boards Association (PSBA). In 1982, Great Valley School District in Chester County, where Bauer served as Business Manager, and the State College Area School District opened the first accounts with PSDLAF.

Since 1982 PSDLAF has grown into a $5 billion investment program for Pennsylvania school entities. After his retirement from Great Valley in 1985, Bauer served in an investment advisory and marketing capacity for PSDLAF with CADRE Financial Services until 2003.

He was then named PSDLAF Executive Director and has guided the fund to its record growth in assets. During his career Bauer served as President of PASBO in 1980 and later was elected as President of the Association of School Business Officials International. In 2005, he was the recipient of the PASBO Golden Achievement Award for creating, contributing to and sustaining a legacy of excellence for PASBO and its members.

Barbara Bolas, School Director, currently serving on the Upper St. Clair Township School District Board of School Directors (Allegheny County) and Chair of the PSDLAF Board of Trustees, said ''Bauer's financial knowledge is unparalleled. Dick's experience and understanding of school investments will be difficult to replace.'' Brett N. Lago, PRSBA, PSDLAF vice chair and director of business affairs at Penn-Trafford School District in Westmoreland County, called Bauer's retirement ''the passing of an era.''

As a result of Bauer's retirement, Patrick M. Sable, PRSBA, has been named Assistant Secretary of the Fund. Sable spent more than 30 years in school finance most recently as Director for Finance at Allegheny Intermediate Unit. He also served as President of PASBO in 1992 and received the organization's Gary Reeser Award in 1999. Sable served as a PSDLAF Trustee for 15 years.

Bauer will be honored for his distinguished service during the PASBO 60th Annual Conference and Exhibits in Hershey on March 11.