Troy Knowlton (’92) provides the following update:

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. We continue to rely upon your giving for both reducing the principal of our debt and for capital improvements to the property.

Recently, the Board approved a 10% increase in the annual rent to $75,000 for the coming school year in response to increasing operating costs (insurance premiums alone increased 40% from 2021). This is the first significant rent increase in nearly a decade, and we continue to look for ways to keep the undergraduate rent as affordable as possible.

Lastly, a thank you to Rick Nadeau (ʼ76) who implemented a monthly financial audit process. 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. Having an audit process was a recommendation by National as we went through their Corporation Recognition process.

If you ever have any questions about the finances of your alumni association corporation, please feel free to contact me.