In November 1954, President William E. Stevenson created the position of Business Manager and appointed Lewis R. Tower as the unit's first administrator. The Business Manager's responsibilities included the supervision and coordination of the administration of non-academic departments of the college, such as Buildings and Grounds, residence and dining halls, all purchases, and the establishment of an accounting system.

In part, the retirement of Lester Ries as head of Buildings and Grounds as well as the availability of administrative consultant, Lewis R. Tower, made this administrative change possible. Tower consulted on the new Oberlin Inn and on various dormitories. This new position also relieved the Treasurer of the College of some of his many burdensome responsibilities.

During the tenure of Lewis Tower, the College's physical plant was rapidly expanded and renovated. He supervised the necessary planning, the arrangements for financing, and even directed the construction. Thirteen dormitories and fifteen other campus buildings were either constructed or added on to during the period from 1953-1971.

In addition, Tower supervised site properties, arrived through negotiations for purchase and sale of College property, and helped with various town projects, notably the expansion of Allen Hospital (of which he was a Trustee member). Tower officially retired as Business Manager in 1971.

After Tower's retirement, the duties and responsibilities were reconfigured and the office renamed Finance and Business Operations. Dayton Livingston was appointed as the first Director. He had previously served as an assistant and associate business manager (1962-70). Then, in 1973, the office was again renamed Budget and Finance; the following year, it reverted to Finance and Business and, finally, in 1976 the title became Business and Finance.

As the President's representative to the Investment Committee of the Board of Trustees, the Vice President serves as a non-voting member of the Investment Committee. In 1986, upon the retirement of the Treasurer of the College, the Vice President became Secretary of this committee.

Livingston had guided the finances of the college through abrupt economic changes in the external world during his tenure. He combated the jump in energy prices in the early 1970s by refitting buildings to make them more energy efficient, putting night-setbacks on thermostats and installing an electrostatic precipitator in order to continue to burn inexpensive coal while meeting environmental standards.

In addition, Livingston helped combat the dramatic rise in the cost of liability insurance. Several colleges and universities formed a consortium to insure themselves. As of 1988, the company had no claims made against it, bearing out the underlying premise that schools were unfairly penalized by commercial insurers who classified them with industry.

Livingston served as Vice-President until 1988. At that time, the college advertised for two people--a treasurer and a vice president for operations-- to replace him; thus, his investment responsibility was transferred to the new Treasurer and all other non-academic functions to the new Vice-President of Operations. Some of his duties had already been reassigned (in 1983) to the Provost. Thus the Office of Vice-President for Business and Finance was eliminated.