See What's Going On With The House Corporation!

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The board of directors for the Pi Chapter House Corporations met on Sunday, February 8th for their winter meeting. The board meets quarterly throughout the year.

The operations financial balance sheet continues to run in the black with 16 of 31 budgeted items running below budgeted costs.  The income revenues have risen due to the large number of brothers living in the house and the equally larger than normal number of brothers living out of the house.  Those living out of the house are assessed membership fees, social fees, and a proportional percentage of the house operational costs. Savings in the food operations resulted from a fixed rate per person contract with our new vendor College Fresh.  College Fresh is successfully completing their first year of services to the chapter.  They also provide similar services to several other fraternities at Penn State.  The operational budget for the house for 2014-2015 went from $366,443 starting in the fall to a projected spring ending of $335,426.

Occupancy rate for the fall semester will again be at its maximum capacity of 54-55.  An additional 20 brothers will be living out of the house, on study abroad programs, or off campus internships.  46 of the possible 55 house contracts for fall 2015 have been signed and received.  The balance of the house openings will be filled with the newly initiated fall 2014 pledge class members.  Over 250 potential rushees visited TKE during the winter 2015 rush period.  The brotherhood selectively recruited only 12 persons for the winter 2015 pledge class with an acceptance of 10 bids.  Two disinterested current brothers were disaffiliated from the fraternity. An improved pledge program was reviewed.

House manager presented a list of damages with costs and fines assessed to those responsible.  Unknown causes of damages are assessed against all members security deposits.   The board approved the actives request to sell the pool table currently located in the brothers back dining room and replacing it with three additional high top tables and 12 stools.  The response to the new doors on the library and the increased demand for a quiet in house study space resulted in the board approving the actives request for two more study tables and all new chairs and carpeting in the Foster '48 Library.  The board approved seeking contractor bids for the replacement of the original hard wood flooring with all new in the living, foyer and dining rooms. The annual Pi Chapter educational scholarships for potential scholars was budgeted at $2,000.

The capital campaign reported  91% of all funds pledged have been received.  79% of all commitments have been paid off in total.  $97,825 in payments remain to be paid.  A large percentage of those payments are part of the 5 year payment plan that will be concluding.  450 persons contributed out of 1,177 living alumni and actives.  $1,166,846 is currently pledged to the capital campaign.  The board members immediately following their meeting attended an impressive formal initiation ceremony for the 18 member fall 2014 pledge class.