| Why did we abandon the plan to build a new house? |
|
The Tri Sig house became available for a very attractive price of $1,100,000
(appraised value $1,200,000) and their housing corporation was eager to sell.
The total cost of building a new house, including furnishings, was approaching
$3,000,000. The prospects for raising that much money in today’s economy was
not realistic. The two-year lease on the old Acacia house currently being
occupied by the active chapter expires this summer. Even if funds were
available, there was no way to have a new house built in time for occupancy
this fall. Without a house, the chapter would not have been competitive in
recruiting quality pledges.
|
| How is the Chapter doing? |
|
These guys are fighters! The Chapter is smaller than what we are accustomed to,
but the quality is still there. The current Student Body President is a Phi; we
took third place in homecoming this year; and there is active participation on
campus. Over 30% of the Phi’s had a GPA of 3.0 or higher.
|
| How old is the Tri Sig house? |
|
Built in 1984, it is the newest fraternity or sorority house at K-State and is
in excellent condition.
|
| What is the size of the house? |
|
At 22,000 square feet, the house is close to the size of the new house that was
planned.
|
| Where is the house located? |
|
The house is conveniently located at 1545 Dennison, next to Jardine Terrace and
across the street from the Veterinary Medicine complex. Close proximity to
Bramlage Coliseum and KSU Stadium makes the parking lot an ideal location for
alumni tailgating activities before games.
|
| How large is the house and the parking lot? |
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The house was designed to accommodate 70 students with parking for 70 cars.
|
| If I donate to the campaign, how can I be assured the property
will be well maintained? |
|
Refer to “Our Pledge for Responsible Management” on the purple insert card for
details on damage deposits, third-party property management, professional
bookkeeper, no-alcohol policy and reinstating housemother.
|
| Can I donate appreciated securities? |
|
Yes. Contact Hal Ross at the Foundation for details. His phone number is
316-264-4981 and e-mail is halross@onemain.com.
|
| Can I make a multi-year pledge? |
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Yes. You may spread your pledge over three years. However, the foundation needs
as much money as possible up front to pay off the short term financing.
|
| How much debt service can the active chapter service with
competitive house bills? |
|
We estimate that the active chapter can carry a long-term mortgage of $500,000
with house bills that are competitive with other fraternities. However, a debt
free house in three to five years would be a real plus for recruiting top-notch
pledges.
|
| Will my donation be tax deductible? |
|
Your checks should be made out to the Kansas Gamma/Phi Delt Foundation, which
has tax-exempt status. Hal Ross assures us that any donation to the foundation
will be tax deductible. If you have any doubts, consult your tax advisor.
|
| Why did we sell the old house at 508 Sunset? |
|
The house was in need of extensive renovation and the property did not have
adequate parking space. It did not make sense to invest money in that location.
|
| Why did we sell the old house before securing new living
quarters for the chapter? |
|
There is no good answer for this question, but it keeps coming up. We already
had the land donated for a new house, but grossly underestimated the time and
effort required to plan and raise money for a new house. There is nothing
gained by dwelling on it. It is time to move on.
|
| How much did we receive from the sale of the old house? |
|
After paying off the mortgage, we realized about $300,000.
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