Call to Order: 6:03pm by Br. Jim Stuhltrager
- Introduction of Officers and alumni
Reading of Minutes:
- Motion to wave reading of Homecoming 2010 minutes by Br. Chris Burke, seconded by Br. Jeff Damcott. Unanimously approved
Presentation of Alumni President's Report- Br. Jim Stuhltrager for Br. Rich Maltz - click to download
- Election Committee- Nick Geyer volunteered
- Calendar: Discussion of sending representatives to the Golf Outing Capital - click to download calendar
- Campaign - Richard Bartnik
- Provided history to date with agreement with Affinity for the feasibility study starting in Nov of 2010. Covered the process of the study by the committee to gauge interest and if willing to donate would there be a time preference of a one- time donation or a pledge over 3 to 5 years. Donation over time was found to be the majority response. Affinity contacted approx 100 others and found similar results as the committee.
- The decision to move forward was made after the report from Affinity was presented.
- $500000 was a figure Affinity felt could be raised predicated on one $100,000 donor and 2 $75,000 donors
- Tax deductibility: We found a group called the Society for preservation of Greek Housing and are working towards setting up an account with them to provide a way to have a tax deductible donation. One of the necessary steps is to have an architectural feasibility study of the property. Br. Dave Schrader, who is an architect and alum from the early 1990's, has been through the house twice and has prepared a study and submitted it to the Society. Click here to download a copy of the study.
- We are in the silent phase of the campaign: This is where we contact a select group of longtime donors to get pledges from them. Starting this past Sunday with the alumni board we have pledges of $35000
- Class captains are now being identified to work on contacting members around their years.
- Last year we spent time to get quotes for replacement and picked a company. The Board approved the money to do the project and it was presented to National for approval. They said no to the replacement and since they own the house the windows could not be replaced.
- We are moving forward to replace the windows as soon as we buy the house back. Brs. Rich and Chris Bartnik have offered to front load their donation if we do not have the money on hand to replace them if we deplete the account with a 20% down payment on the purchase of the house.
Br. Damcott made a formal thank you to Br. Schrader for his work on the feasibility study and his continued help as we move forward. The document he produced was 67 pages long and went into great depth on the condition of the house.
Br. Burke suggested he and several others e-mail him thanks for his work.
Br. Stuhltrager expressed his concern over starting a campaign due to the financial climate at this time and referenced the first study about 10 years ago that said not to do it. He is more comfortable and really optimistic with this study and this is the time to do even despite the financial climate we are well positioned to implement the campaign. The board has discussed in depth and feels if not now when are we going to be positioned to do it. He also stated that the timing is a testament to the actives in the room because they are the difference as the alums involved 10 years ago are basically the same. The strength of the actives and recent alums is why all feel this campaign will be successful.
Treasurer's report: Br. Chris Burke - click here to download report
- PNC Bank has given a firm pre-approval for a mortgage. We want to move to underwriting in the next week or two. 20% down payment is the primary issue as it is fairy firm. PNC has been reasonably flexible and he will be speaking with higher officials requesting a wave of the 20% based on the loan to value of asset ratio. If it is not waved, this will cause impacts on work to the house and the capital campaign. He is in continued discussion with PNC to work on option for us so we do not deplete $140000 out of our accounts.
- Br. Bartnik asked about closing date of Aug 1. Br. Burke discussed our options but stated PNC feels it should not be an issue. A possible earlier closing may be available but we have to review what is best for the alumni cash flow.
- Br. Evans '67 asked how will the costs to the under grads compares to the present arrangement we charge them. Br. Burke said there will some link but if numbers living in house are > or = to this year's number there should be not cost change. If in house numbers are lower there may be a cost increase. The success rate of the capital campaign and the use of the campaign fund for house improvements will also have an impact on the fees.
- A question was asked what the biggest changes the under grads should expect with the alumni repurchasing the house. Br. Burke discussed the relationship between alums and under grads. He stated from a financial perspective it is all about profit and loss to break even on running the house. Under grad numbers will impact this. The impact of the capital campaign and the establishment of a repairs contingency fund will help buffer the cost fluctuations. The hope is for a better understanding of running the house and a closer connection of the under grads to the house.
- There was a discussion on the recruitment of members and the numbers impact on the loan rates and costs of running the house.
- Br. Burke reviewed the alumni association financial position and the future planning of reserves and capital campaign funds.
- Br. Bartnik commented on the costs associated with the capital campaign and stated our intentions to save were possible by hiring under grads to perform some tasks.
Undergraduate President Report: Geoff Rolstone - Click here to download
- 56 total members will start fall with 46
- 9th in GPA
- Going for 2nd in IMs Volleyball champs again won 5k
- New Thon family
- 3rd in Homecoming
- On track for Chapter of Excellence again after missing last year
- 4 attended National meeting this past year
- 4 Undergrads to attend National Initiative Academy
- Won IFC CORE program and will be refunded half of IFC dues as reward
- Participated in State Patty's Day Sober walk and had the most members (30) from any group.
- Looking into having a cook in the fall.
Undergraduate Treasurer: David Stoltzfus- Click here to see budget
- Discussion on use of Omega Phi for bill collection
- Summer house status - need for formal request and we will need keys to all rooms
- Discussed summer lease and costs
- Review of rafting outing and discussion of next trip in May
For the Good:
- Br. Stuhltrager again thanked Br. Schrader for his work
- Br. Burke 46 brothers in the fall
- Work by undergrads on THON
- In CDT newspaper for work with seniors
- Scholarship awards to undergrads
- Br. Geyer to help national with chapters at Colorado State Univ and Univ. of Colorado at Boulder
Motion to Adjourn: approx. 7:20pm