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 annual rent of $75K. We continue to rely upon your giving for both reducing the principal of our debt and for capital improvements to the property.
If you ever have any questions about the finances of your alumni association corporation, please feel free to contact Troy Knowlton ʼ92.
Rick Nadeau ʼ76 implemented a monthly financial audit process at the request of the Board to ensure that good practices are always followed. With this process, a non-Board member will review the Alumni Corporation’s financial activities and accounts to independently ensure the appropriateness of expenditures and accuracy of the financial information reported to the Board. We thank Rick for his efforts in setting this up.