The Alumni Corporation continues to serve as the landlord and steward of the house, supporting the chapter through house maintenance and improvement projects. Our financial standing is solid, with a sufficient operating and capital reserves. We continue to rely upon your annual giving for both reducing the principal of our debt and for capital improvements to the property.
Recently, the Board approved maintaining the annual rent at $68,000 for the coming school year which will cover the regular operating expenses (including mortgage, insurance, taxes, and regular maintenance activities). Additionally, we received a letter of commitment to refinance our $353,000 mortgage loan at a favorable rate. Once fully executed, we expect that the new loan will provide a stable source of financing for the next 10 years.
If you ever have any questions about the finances of your alumni association corporation, please feel free to contact me.
Troy Knowlton ’92