Brothers,
I hope you’ve been able to watch the men’s basketball team
during this great conference run. This spring will be a busy time
for Alpha Psi with several activities planned so please stay tuned for
updates. Also, the latest version of the Alpha Psi Review was distributed
at the beginning of February. If you did not receive it, please take
a minute to update your contact information (address, phone, email) with
Theta Chi headquarters (317-824-1881). Enjoy!
Newsletter highlights…brotherhood basketball is back…we have
financing?!...the brothers are moving…Founder’s Day dinner
is back…
Events
Alumni/Undergraduate Basketball Game – Saturday, March 31st 11:00-1:00PM – Armory
This annual tradition is revived this spring and will be held in the Armory – across
the street from Ritchie Coliseum. The undergrads have been recruiting
size and training often so the alumni need to bring the “A” team. Those
not playing are still encouraged to attend the game and the festivities
at the house following. The event purposely coincides with the second
weekend of the men’s NCAA basketball tournament so plan to watch
the games on the big screen in the Red Room. Anyone interested should
contact Rob Gibbs at rmtg@rmtgcpa.com to sign up.
Founder’s Day Celebration Dinner – Saturday, April 21st – La
Miche Restaurant, Bethesda
Spread the word and mark your calendars for this unique event. More
details to follow.
Homecoming Activities
Thank you to all who attended the Homecoming Golf Tournament and Tailgate. Both
events were fun and provided a great opportunity for brothers to reconnect. It
was great meeting so many friends and family at the tailgate. A special
thanks to volunteers Chris “Peanut” Grant for his relentless
effort setting up both events and Jason Tepper for providing yet another
fantastic tailgate spread.
Theta Chi Hot Topics
Renovation Project Update
The Alumni Corporation and the Renovation Committee have made tremendous
strides in this project. The Renovation Committee (comprised of Greg
Derby, Lance Schwarz, Saad Saba, and Sean Bailey) met with lenders over
the last several weeks in order to “shop around” our project. Preliminary
discussions were very positive; we have developed a strong business case
and have been conservative in all of our assumptions. Fortunately
(or unfortunately), our Loan Request documentation is so detailed that
certain banks have been able to say “No” right away. At
this point, we have received proposals from M&T, Sovereign, United,
and Chevy Chase Banks meeting our request of $1.25 million. Norwich
Housing Corporation has earmarked for us $130K for life safety improvements
and is prepared to extend that amount if needed. In all, our goal
of $1.5 million through conventional lenders is achievable. The next
goal is to sign with a lender by March 9.
Fundraising has been a “hot” topic since this effort
began 3 years ago. Many experienced alumni feel brothers are unwilling
to donate money to support the chapter – even to support a million-dollar
renovation and expansion. That remains to be seen. A few things
are for sure:
- The renovation
business case and financial forecast stand alone – they have
been positioned in a manner such that no one from the alumni is guaranteeing
the loan and no defined amount of cash must be set aside in the bank
- Other than the house, the fraternity has no cash reserves or additional
assets to liquidate
- A typical capital (fundraising) campaign cannot
be administered in the current timeline to be in front of the construction
effort
All that said, strong alumni financial support is imperative
for the long-term health of Alpha Psi. We’ve begun steps
to form a Fundraising Committee who will develop a strategy that supports
the long term goals of the fraternity. Communication, events, and
supporting infrastructure will all be important components of a winning
fundraising strategy. You
will be asked to support this effort in the neat future. Think
about what your Theta Chi experience is worth – for most, it is
invaluable. Please
keep an open mind when approached about this fundraising effort. If
you would like to participate on this committee or would like to nominate
someone, please pass it on.
Next steps include hiring a project manager who will drive the processes
of design, approval, and builder solicitation. It is becoming evident
that no one person involved thus far can manage this project. A project
manager will be paid for his services, and his number one priority will
be to execute, oversee, and deliver this project. As of now, we have
a short list of potentials to interview. If you know of someone
or a firm that should be considered, please pass it on.
Undergraduate News
Recruitment
The chapter have formed a 15-man pledge class this spring. The success
of this first class has them thinking of adding another after spring break. Make
sure you congratulate them on their efforts next time you are at the house. As
always, please forward the names of any men you know attending the university
to undergraduate president Doug Logue douglas.logue@gmail.com.
Temporary Home Found for Theta Chi
After working with the University and local property owners to find suitable
student housing for the chapter next year, the Alumni Corporation has
a tentative agreement to lease the former TEP (or SAM, depending on era)
house. Located adjacent to our back parking lot, this property and
the terms of the agreement could not have worked out better. The
men will stay together, and in fact more brothers will be able to live
together due to the size of the house. The facility is more modern
and offers more services which will prepare them for the renovated Theta
Chi. And of course, brothers, recruits, family, and friends will
be able to witness daily the renovation of the chapter house from across
the street. A special thanks to Dennis Menis for architecting this
arrangement.
Alumni Corporation News
Alumni Corporation Board Members
Below, find the new Alumni Corporation Board Members and there contact
information. This board was elected at the Annual Meeting on August 5th,
and positions were appointed internally at the monthly Alumni Corporation
Board meeting August 21st. If you have any questions, please feel free
to contact them. |
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