House Corporation Newsletter – October 2010

October 24, 2010 · Robert Tetrault

40th Birthday Web Link Open

The 40th Birthday web link is online and active — please take time to visit and register (it's on the main page of this website). This birthday promises to be one of the biggest turn-outs yet. Once at the site, you can register yourself or your family, check out planned activities, see who has already registered, and book your hotel room at Sigma Chi's discounted rate at the Hilton Oceanside, Daytona Beach. In addition to the web link, the Birthday Committee will be mailing reminder refrigerator magnets for those procrastinators. As part of the fundraising effort, we're soliciting alumni who have products or services (please keep it clean) that can be donated for an auction or similar fundraiser during the weekend. A formal invite to donate is forthcoming, but if you have an idea, please forward it to robtetro@aol.com.

Taxes

The undergrads successfully submitted their IRS Form 990 (in the 11th hour, of course) to continue realizing the benefits of their 501(c)(7) tax status. Until now, undergraduate Sigma Chi chapters had linked themselves as a subordinate to the group exemption letter held by headquarters, and the IRS hadn't required individual chapters to file separately. The form is kept on file for 3 years and will need to be resubmitted at expiration.

House Corp is also determining whether to incorporate our two parcels (520 S. Ridgewood Ave. & 525 Segrave Ave.) into one entity, or simply file the second parcel with Volusia County as tax exempt. The Grand Trustees indicated it would be prudent to use a real estate attorney for this type of transaction (local Sig Tom Hart of the Cobb Cole law firm was also contacted). This should be completed by year's end.

ERAU Back at It Again

Embry-Riddle has once again begun researching a "Greek Row" similar to other college campuses with multiple fraternities and sororities. Historically, ERAU administration hasn't garnered enough support to get such an idea off the drawing board. ERAU officials Richard H. Heist (Executive VP and Chief Academic Officer) and Daniel E. Montplaisir (VP of Institutional Advancement) have invited Greek organizations to be part of a "Phase I" development of real estate adjacent to Richard Petty Boulevard. Initial interpretation of the announcement memo indicates the financial responsibility of designing, planning, building, and land lease will fall on the Greek organizations, with it unclear what ERAU will provide in grants or incentives. Unsubstantiated rumors indicate Delta Chi — who, until 2005, was the only other ERAU Greek organization offering undergraduate housing — may be first to move to the next level of negotiations with the university. Sigma Chi HC has offered and invited open dialogue on any future on-campus Greek housing discussions; further developments will be broadcast via our website.

Annual Budget

A comprehensive annual operating budget was passed last month, underscoring House Corp's commitment to continuing to address our undergrads' housing needs while looking toward future projects and challenges and protecting our investment. After nearly a decade maintaining a baseline rent of $5,000/month, it was decided to modestly raise rent to $5,625 — an increase of $5K per year. While fee increases are always heavily scrutinized, sound fiscal policy dictates that income meet and exceed operating expenses. HC also decided to take an increasingly active role in maintenance, overhaul, and planning for challenging areas like the pool and landscaping, and is working with a building manager on an hourly basis to proactively identify and address preventative maintenance issues. Undergrads still have the ultimate responsibility of being good tenants while meeting the obligations expected of a Sigma Chi.

South Wing A/C

The second bid for the south wing central A/C was received. Both bids will be reviewed by HC, and once a decision and formal contract are reached, installation will begin and the last of the old window units will be removed, with the holes in the south side walls permanently sealed. The main house will still have two rooms using window units, to be addressed when a plan for the main house A/C is outlined. The south wing A/C is the last large-scale project planned for 2010.

A Note from the President

Even though the 40th Birthday celebration seems distant, the date will arrive faster than you think. We'll gather with family and friends to celebrate the upcoming holidays and tend to put off what can be done now. I encourage all of you to make the commitment today to be part of our 40th. We're extremely fortunate to be the sole Greek organization at ERAU providing a unique, once-in-a-lifetime experience for our undergraduate brothers, and it's important that we have your support to continue delivering and developing this living experience. For those who've already committed your time and resources, thank you! For those who haven't, please do it now — you can make a difference not only to brothers who've already pledged their lifetime commitment to our Fraternity, but to future brothers who aspire to be part of something bigger than themselves. I look forward to seeing you at the 40th!