"Grandpa Gerrard & Wife" is written on the back. Many Gerard family photos use "Gerrard" with two R's. They are posed for a portrait with Grandpa Gerard leaning against a decorative base or barrel.
Friends frequently exchanged photographs. This is "Delphina" from Colorado Teachers' College. "Loving by Delphina / CTC 7/1932" is written in the bottom right corner of the photograph.