Brothers,
The single biggest issue facing the Alpha continues to be the need to settle
our contract with the Johnsons for the property at 110 E. Armory. Due to the inability of the Alumni Corporation to secure a mortgage to complete the purchase contract entered into several years ago, we have been on a month-by-
month basis paying the Johnson's prime-indexed interest payments
which have risen to over $11K/mo this year. The undergraduates have
risen to the challenge this semester keeping us current with these
payments as welll as shouldering a $20K tax bill and $14K insurance
premium. However, this is not sustainable and tough times lie ahead
in the Spring. The alumni corpoartion has only a few hundred dollars
to operate on due to the $57,500 in assets being held in escrow by
the Johnsons awaiting contract closure.
So, if you have not paid your alumni dues this year, I implore you
to make a donation to help your fellow brothers stay afloat during
this difficult transition period. You can pay in two easy ways:
Online w/ secured site PayPal: Click here
or mail them to:
Corporation of Alpha Zeta Delta of Chi Psi
195 W. Quincy St.
Riverside, IL 60546
As the Alumni Corporation donated the proceeds of the 912 S. 2nd
Lodge sale to the Educational Foundation as a tax shelter, the
Educational Foundation is not legally allowed to secure a mortgage
on behalf of the Alpha. However, this has not kept the Educational
Foundation from working tirelessly to find a legal soultion to
assist us. I shared the possibilities of such solutions at the All-
Alumni meeting and I believe everyone was very excited about our
future! The torch is being passed to us to make things happen. NOW!
Difficult times lie ahead, but the newly elected Alumni Corporation
Board is dedicated to putting together a roadmap for the Alpha to
secure a permanent and affordable Lodge for our very successful
Alpha!
Any contribution you can make, whether in money, time, or
knowledgeable advice would be greatly appreciated by your fellow
brothers!
YITB,
Randy Mason '96