House Corporation
SPRING 2008
As summer slowly makes its way along towards us, I am glad
to report that things are well at Iowa Alpha. The active
chapter continues to pledge top recruits while
maintaining top marks in grades and philanthropy. It
would be easy to sit back and be satisfied with where we
are, but fortunately that is not the case. The actives
keep pushing the envelope for higher standards which for
many years now has been the legacy at Iowa Alpha.
Many spring and summer projects are on the board
including new carpeting, landscaping, furniture, front
door replacement, and interior work. It is sad to report
that the oak trees that have framed our house for so
many years are under attack by a fungus that may take
most of them out. We are doing everything we can to save
them, but unfortunately our options are limited.
I would like to take this last space to thank the board
who has been instrumental in keeping things going behind
the scenes at Iowa Alpha. That would be Joe Schemmel,
Todd Schoell, Jim Houghton, John Streif, and Daniel
Haase. Each has had his own responsibilities that have
done much to contribute to the ongoing success of the
chapter.
I hope you all have a great summer and I encourage you
to stop by the house. It’s your chapter.
- Doug Parsons, Iowa Alpha House Corporation
President
FALL
2007
It's been too long since we have sent
out a newsletter to our many alumni. There have been
many changes and advances at Iowa Alpha since our last
mailing. Most importantly is that the chapter continues
to grow and prosper under the leadership of many fine
GPs through the years. But you can read more about their
great accomplishments in the inside article.
Although the House Corporation may have been quiet over
the past couple years, we have not been inactive. The
chapter house has undergone numerous improvements and
projects, including the installation of a new massive
television and surround sound system for the new TV room
(old chapter room). The parking lot and basketball
courts have been resurfaced and painted, and the living
room has been refurnished as well. The most impressive
improvement house would have to be the renovation of the
south patio. After the resurfacing of the brick patio, a
new, in-ground grill was installed and new, recycled
plastic picnic tables were purchased. The area will
provide a great place for the chapter's Wednesday
sorority barbeques.
Our future projects include updates to various parts of
the chapter house. After providing two computers and a
printer for the computer room in 2005, the house
corporation is looking to add more technology to our
computer lab this spring to accommodate the larger
number of live-ins. We are looking to add another washer
and dryer to the basement laundry room. Other smaller
projects include painting, re-carpeting and replacing
the front entryway.
Eventually, we will have to look at replacing the main
floor carpeting and revamping the entry way. These and
other things need to be done on an ongoing basis so that
our house is able to continue to attract the best
quality men and not be a detriment to recruiting.
It is a great pleasure for me to be part of the House
Corporation Board of Directors and to help support the
outstanding undergraduate leadership. If you are
interested in participating in the board, contact me at
doug@frohwein.com,
or 1-800-373-9211.
- Doug Parsons, Iowa Alpha House Corporation
President
Rebuilding
After The
Fire
The cost to rebuild the Chapter House following the fire
in 1994 was $1,096,000, but the insurance settlement
only netted $860K. Due to the shortfall in insurance
coverage, and the additional expenses to get the chapter
back on the ground, we took out a $325K mortgage. We
were in a pretty tight financial situation in the first
three years. With only 20-25 Actives living in the
House, the average annual rent payment to the House
Corporation was $33K. That barely covered the mortgage
payments, property taxes, and meager operating expenses.
Thanks to the generous contributors to the Iowa Alpha
Education Foundation, the $93K collected allowed us to
stay afloat.
1999-2004
The Active Chapter has regained its strength. 25-33
Actives have lived in the House, allowing average annual
rent payments of $69K to the Alumni Association. This
has allowed us to pay our normal mortgage payments, as
well as upgrade the property and cover normal wear and
tear maintenance. The upgrades included air
conditioning, concrete driveway, and brick patio. The
routine maintenance covered kitchen upgrades, carpet
replacement, bathroom repairs, new furniture, etc. The
chapter house continues to be in great physical
condition.
Current
Financial Situation
Currently the House is at full capacity with 42 live-in
actives, allowing for average annual rent payments in
the last 3 years of $82K. In addition to the house
upkeep, we have been able to accelerate our mortgage
payments. The current balance is $54K. Unless unforeseen
expenses pop up, the full balance will be paid off this
school year. I‟m sure there will be a mortgage burning
celebration!
Chapter Scholarship
Fund
You are probably aware from reading The Shield, that
Iowa Alpha has a Chapter Scholarship Fund (CSF) at Phi
Kappa Psi National as part of the Endowment Fund. Each
year the Endowment Fund makes 5% of the balance
available for scholarships and grants. We use this to
help pay for our annual Nile Kinnick Scholarships. Our
current balance is around $44K. $30K of that balance was
generated when the Iowa Alpha House Corporation
contributed $15K and took advantage of a matching gift
offer. You can help increase the balance of our fund by
going to
www.pkpfoundation.org and making an on-line
contribution. Make sure you designate “how to use your
gift” by selecting Iowa Alpha Chapter Scholarship Fund
on the screen. Take advantage of your employer's
matching gift program if available. Thanks to those
brothers who have donated.
- Joe Schemmel, Iowa Alpha House Corporation
Treasurer |
