Minutes from the 2003 Homecoming Meeting
October 4, 2003

The meeting was called to order at 4:45 p.m.

Action taken at the March 22, 2003 meeting was reviewed, including approval to incur indebtedness for “Phase 0” renovations. The alumni felt it was important to move undergraduates back into the Chapter House for August 2003 occupancy.

Phase 0 renovations were reviewed, including renovation of 5 bedrooms, repair of hot water storage tank, laundry facilities, first floor cosmetics and Code issues. A building committee was appointed – Ed Brown, Hugh Cadzow and Chris Bartnik.

ALUMNI OFFICER AND COMMITTEE REPORTS
Alumni President Ed Brown indicated that the Feasibility Study by the architect and engineer had been completed and posted on the web. Cost of current repairs for August 2003 occupancy was $66,420.00; a bid of $66,000.00 had been received for architectural and engineering fees for Phase II drawings and contracts and $658,000.00 was estimated for the Phase II work outlined in the Study.

No occupancy of second floor rooms to left of stairway and no occupancy of third floor until further repairs are made. These areas are to remain locked with the undergraduate president retaining the key.

A backup plan for the boiler is to be formulated with the assistance of engineer Moses Ling.

Mark Luellen of Affinity Connection made a presentation regarding raising funds for our proposed renovations. Problems with the phone-a-thon were discussed; some alumni indicated that they had received no other recent forms of communication. Ed Brown indicated that in addition to mailings from Affinity, at least three free mailings have been sent from the International Headquarters in the last year updating alumni on the status of the chapter.

Plans were made to begin a financial feasibility study at a cost of $17,500.00 to identify the level of alumni giving that may be available to help fund major renovations. The Norwich Housing Corporation will be contacted to see what money is available to cover the cost of the study. It was hoped that a positive report identifying willing donors could be available in time for a Spring 2004 capital campaign. Funds from a campaign would likely be collected over a 3 to 5 year period. The total pledged could justify further lending from the Norwich Housing Corporation for Summer 2004 renovations since we could show a means of repayment. Dennis Foley will be the Fund Drive Committee Chairman working with Affinity.

It was announced that elections will be held for Alumni President, Vice President and Secretary next Homecoming. A Treasurer and Financial Advisor will be appointed for 2 year terms. The names of any interested alumni brothers are to be directed to either Ed Brown or Jim Stuhltrager. We currently are operating with two alumni officers.

Alumni Treasurer Jim Stuhltrager reviewed revenues and expenses for the period of January 1, 2003 through October 3, 2003.

Revenue consisted of donations of $14,609.00, loan proceeds of $20,000.00, rent (due) of $5,000.00 for a total of $39,609.00.

Paid expenses plus current outstanding bills totaled $58,269.99, exceeding revenues by $18,660.99. We will have to contact Norwich for help covering shortfalls.

Expenses exceed revenues due to increasing fixed expenses coupled with a decrease in undergraduate chapter rent from $15,000.00 per semester to $5,000.00, with no repair and replacement factor being collected.

Sidewalk repairs will be completed by the Borough and billed to the Alumni Association.

Terms of our second mortgage from the Norwich Housing Corporation were reviewed. $110,000.00, 15 years at 6.875%. No payments for the first two years, with payments then amortized over 13 years beginning in year 3. The first mortgage with Mellon Bank remains.

UNDERGRADUATE REPORTS
The undergraduates will contact John Spearly regarding additional room keys and the Borough for water meter maintenance and back flow inspection. The current parking situation is satisfactory; Tennis Towing will be contacted if any problems arise. Winterization of the Chapter House was discussed.

Hopes for undergraduate numbers were reviewed. Ed Brown indicated that 20 members is the approximate financial break-even point. With help from expansion coordinators from the International Headquarters, it is hoped that there will be a minimum of 25 members by May of 2004 and 40 members by May of 2005.

A calendar of undergraduate events will be furnished to Rich Maltz for posting on the Web.

Undergraduate Treasurer Avi Sadiky
Current house bill is $2,500.00 per semester with a $200.00 activity fee.

Leases have been signed.

OTHER BUSINESS
For the good – Richard Maltz was commended for his work on the web page.

No further business at hand, the meeting was adjourned.