A Look Inside the Income and Expenses of the Zeta Zeta Alumni House Corporation
Since it has been a while since a Zephyr has been published, I thought it would be helpful to explain what goes into the budget for the House Corporation and how we work with the active chapter.
A Look Inside the Income and Expenses of the Zeta Zeta Alumni House Corporation
Since it has been a while since a Zephyr has been published, I thought it would be helpful to explain what goes into the budget for the House Corporation and how we work with the active chapter.
Each year the HC leases the house to the undergraduate chapter. The rent is $100,000 which is spread over four payments; two for fall semester, two for spring semester. In addition, the chapter must pay a security deposit of $40,000, parking lot rent of $15,500, ZPI (Zeta Perpetual Investment) payment of $45/member, and a Scholarship Fund payment of $10/member.
The rent goes towards basic maintenance of the chapter house, and if possible, alumni communication and fund raising. You will be seeing the reintroduction of requests for annual alumni dues and fund raising campaigns. The fund raising will hopefully provide means for some larger projects – new roof, floor replacement, chapter room repairs, windows, kitchen equipment, etc.
The security deposit is self-explanatory. The HC evaluated damage each semester and the actives are responsible for determining who is responsible for specific damage, and if that’s not possible, spreading it across the active membership
ZPI was formed many years ago and its intended purpose to build a fund to use for emergency repairs and larger projects.
The Scholarship fund allows the chapter to award scholarships to a determined number of undergrads based on criteria they choose pending approval by the Alumni Board. This year they will be giving out three $200 scholarships.
The following are highlights of the balance sheet as of December 31, 2016:
| Scholarship | $19,443 |
| ZPI | $40,731 |
| Operating Acct | $56,888 |
| Real Estate | $697,992 |
| Mortgage Balance | $95,429 |
In the future, all financial statements will be posted on our website.
Getting back to fund raising for a moment, please visit our new website and make sure your contact information is correct. And please update the information of brothers you keep in touch with or ask them to update their information. It’s important that we be able to reach out to as many alumni as possible to keep everyone up to date on chapter news and to be able to solicit much needed funds keep the house in good condition. Thank you.