The 150th celebration was a powerful reminder of the lasting impact our years at One University Circle had on all our lives and the bonds we share across the generations.
Heading into the 150th, we had received initial unsolicited support of $75,000 from a short list of Brothers. As of December 5, 2023, $157,000 has been raised from gifts and pledges received. It is our hope that you fully appreciate the importance of this effort and the impact you can make.
We have announced our fundraising goal of $1,000,000 to address the short and long term needs of the House based on the following use of funds:
House Repair/Maintenance $425,000
House Upgrades $200,000
Mortgage Payoff $210,000
Buyout of 1988 LPs $40,000
Increase Reserves $125,000
We have full confidence in our ability to reach this goal based on the overwhelmingly positive feedback we received in recent weeks and call on you to join us in supporting the Phi House.
In the short term, the House needs to address significant deferred maintenance and improvements. Projects include replacing windows, shutters, bathrooms, HVAC, plumbing, electrical, and flooring.
We also want to make investments to help the House attract rushees and continue to serve as the epicenter of fraternal and social life for the brotherhood; more than just a place to party. We want the entire brotherhood to once again enjoy dinners together. To that end, we have identified several upgrades to improve this experience, including new kitchen equipment, common room furniture, a TV/game room on the lower level and upgraded landscaping.
We plan to pay down the existing $210,000 variable rate mortgage, which will adjust this month. This structure is becoming increasingly unfavorable in today’s interest rate environment with an estimated annual increase in interest costs of $5,000 starting this November. It is important to note that the undergraduates bear the cost of the mortgage payments.
Additionally, there are legacy shareholders from the last major renovation in 1988. These shareholders need to be bought out to simplify the current complex ownership structure of the House and alleviate tax reporting demands, which will also result in annual cost savings.
Our actives currently pay $2,750 per year in parlor and social dues. Our planned actions will reduce this burden by approximately $500, which helps reduce a potential barrier to pledge the Phi House. Further, we will control our destiny as a Brother-owned and managed house.
Lastly, we want to be in a position to prevent and react to new issues that arise by increasing our reserves held by the University in long-term investment funds.
It is our hope that everyone in attendance makes a gift that is meaningful to them. You are welcome to make your tax-deductible gift directly through the UVA website. Gifts from Donor Advised Funds are welcome. Please make Mike Melley (firstname.lastname@example.org) aware of your gift amount so that we can keep an ongoing tally. He can also provide DAF and mailed check instructions. If there is a bigger conversation to be had, please reach out to anyone on the 150th Anniversary Committee directly.