shartman 1206387434|%e %b %Y, %H:%M %Z|agohover
All, I recently had a house corporation officer write me to ask about the Phi Kappa Tau Housing Fund. I'm posting my email response below. The Housing Fund chair is Rick Keltner. He is a member fo the National Council and can be found on The Link. If anyone has any questions, please feel free to post them here or to email Rick or me directly. Thanks!:
The Housing Fund is a loan fund operated by the National Fraternity. At our Convention in 1993, the Convention passed a motion to charge undergraduates an annual fee of $5 to go into a housing fund that could eventually be used to fund renovations or new construction.
Since then, the fee was raised to $15 (I'm not sure when they raised it, but I'm sure it was soon after they realized that $5 per man per year would only generate $15K a year). We currently have about $700K in assets (cash (investments) and outstanding loans).
The fund grows by about $45K a year through undergraduate fee assessment. The interest on the fund is "set aside" for educational programming - a provision of the IRS that allows us to exempt this non-dues revenue from income tax.
More information on housing can be found on The Link at http://link.phikappatau.org/content.aspx?item=The%20Link/Content/Chapter%20Management/Properties.xml
