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 sufficient operating and capital reserves. The Corporation manages regular operating expenses (including mortgage, insurance, taxes, and maintenance activities) through the collection of rent. We continue to rely upon your giving for both reducing the principal of our mortgage and for capital improvements to the property (such as the recent garage enhancement).
Recently, the Board approved a $22,000 increase in the annual rent to $97,000 for the current school year in response to increasing operating costs (insurance premiums continue to increase dramatically). If you ever have any questions about the finances of your alumni association corporation, please feel free to contact Troy Knowlton (firstname.lastname@example.org).