Yes, the students do own The Bookie. The stock of the corporation is held in trust for the students by the Trustees of the Corporation who are also the acting Board of Regents for Washington State University.
The Students Book Corporation is comprised of nine total directors. Five of these directors are students at WSU. The remaining four directors are comprised of two faculty directors and two administrative directors.
Of the nine directors on the Students Book Corporation Board, five of the directors are Students. Student directors are required to hold officer positions on the Board and hold the majority vote. Students maintaining a satisfactory GPA are eligible for appointment to the Board.
In 2003, the Board of Directors made the decision to enter into a management contract with Barnes & Noble. Currently, Barnes & Noble is fulfilling this contact. Barnes & Noble’s responsibility falls under general operations and day to day management of the bookstore. The Students Book Corporation retains authority over all strategic, fiscal, and long-term planning for the bookstore and the corporation itself. Overall, this partnership has been very beneficial for the Students Book Corporation. The partnership with Barnes & Noble has led to increased profits due to factors such as Barnes & Noble’s industry knowledge and expertise, access to industry specific technology, and increased buying power within the textbook market.
The Students Book Corporation is a registered not-for profit organization that is a legally separate operating body from WSU. Corporate decisions are made in an autonomous nature separate from the University. Washington State University recognizes The Bookie as the University’s official bookstore.
There are several benefits that the Students Book Corporation provides to students at WSU.
- The Bookie provides a 10% point of sale discount on every textbook sold.
- On average, this dividend total has been about $85,000.
- The Students Book Corporation has traditionally granted a dividend to the student body at each campus throughout the Washington State University system. This dividend is received by the ASWSU organizations at each campus and distributed by the student governments to a variety of student groups and activities.
- The Students Book Corporation lowers the operational cost of the CUB due to its lease payment as the building’s anchor tenant. These rent payments act as a subsidy towards each students’ CUB fee, subsequently lowering it.
The Bookie also sponsors other student events and activities throughout the year.
A dividend is a portion of a company’s profits which are shared back to the stockholders of the corporation.
The Students Book Corporation releases a dividend annually.
In short, textbook publishers set the list price for textbooks. The Students Book Corporation has no control over where publishers set their prices at. The Bookie does offer a 10% point of sale discount for students to try and offset the hardship created by high textbook prices.
Generally, The Bookie will buy back textbooks as long as there is a demand for the textbook. There are, however, several exceptions to this policy. If a publisher is publishing a new edition of a textbook, The Bookie will in some instances not buy back an older edition of a textbook. The Bookie also reserves the right to refuse to purchase used books that are in less than marginal condition.
The Bookie carries a limited number of used textbooks for purchase along with new textbooks for purchase. Additionally, The Bookie rents part of its textbook inventory to students on a per semester duration. Textbook rentals are limited to selected textbooks and editions.
Due to textbook demand, class sizes, and edition turnover rates, it is unfeasible for The Bookie to offer rental services for every textbook in stock. Textbooks that are slow to change editions and/or used by large classes will generally be offered for rental. Upper division textbooks or textbooks that change editions frequently may not have an offered rental service.
In most instances questions regarding items, books, or services can be answered directly by the store management. If you have encountered an ongoing problem or feel that your problems have not been solved, you can contact the board directly at http://www.wsubookie.net/sbcboard on the Contact Us link.
You can apply directly by using the Join the Board link.