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.
Last year, the Board refinanced our mortgage loan at a favorable rate. This new loan will provide a stable source of financing for the next 10 years. We also took action to better utilized our reserves. We are able to deploy some of these funds, along with our normal monthly payment, to reduce the mortgage loan balance by 7%. We also better invested the reserves through the Alumni Association and were able achieve a small return on the investments.
If you ever have any questions about the finances of your alumni association corporation, please feel free to contact me.
Troy Knowlton ʼ92