Billy Duval (’08), our current Treasurer reports that at the end of April 2014 we will convert our existing loan into a permanent First Mortgage Loan of $430,000. There is also a $30,000 second Mortgage Loan provided from eight generous Theta Chi alums. We carry a reserve of at least $15,000 in cash for emergencies and Billy is vigilant in monitoring our budget. The renovation of the Chapter House cost over $1million to a facility that was appraised at more than $500,000 before the renovation. Our Alumni Association Corporation is committed to operating as a financially stable landlord and Alumni Association and maintaining this valuable asset primarily for the enjoyment of the Chapter but also as a place where Theta Chi alumni can congregate on Homecomings Weekend and Reunions Weekends.
Will Teass (’97), the chair of our House Maintenance Subcommittee, reports that the house and grounds are in good shape this spring. Several of our capital improvement projects are underway, including:
•Library Cabinet: Installed in the Chapter Room, it will securely house a number of Xi chapter artifacts. It will also serve as the base for the Digital Composite project, a dynamic display of annual chapter composite pictures.
•Garage Improvements: Upgraded smoke detectors to current construction codes with a hardwired interconnection and battery backup. Future improvements this year include new hydronic electric baseboard heaters.
Contracted maintenance tasks like pest control and cleaning of common areas continue on a regular basis and are within our projected budget amounts. Costs of discretionary maintenance items, as result of brotherhood damage or anticipated wear and tear, are currently below projections.
In the upcoming lease renewal with the brotherhood, we are proposing to include security deposit language. Funds would be collected at the onset of the lease period and would be dispersed to pay for damages that are a direct result of brotherhood activity. The corporation will still pay for those damages that are legitimately considered wear and tear. Piedmont Facilities Maintenance (PFM) will act as an impartial third party, and make a determination as to the cause of any damages. Any funds remaining at the conclusion of the lease period would be returned to the brotherhood.
Our list of deferred maintenance items is ever present with a projected expenditure of approximately $15,000 for new in-line gutters. We also need to replace windows on the existing portion of the main house. The garage annex also requires attention. Our plan is to make incremental annual improvements, with upgraded insulation and replacement windows in the next year or two. All of these items underscore the need for a strong commitment to our Annual Fund to undertake these projects before they become emergency repairs.
Final Note: UVA Homecomings
UVA Homecomings is Saturday October 25, 2014 (UNC is the opponent), and there will be a tailgate party at the Chapter House before the game.