Dear Alpha Delta Alumni,
Exciting things are happening with our “Alpha Delta” chapter. Before I introduce the main focus of this newsletter, I want to provide an update on the sale of our property.
I am happy to report that the property sale closed on August 31, 2007. We were successful in getting a final sales price of $1,550,000 for the property. After the mortgage, credit line, officer loans and commission were paid, we had a final cash balance of $940,000. The funds are in an institutional money market fund. This fund will earn a very competitive interest rate while still offering immediate access to the money.
However, the real exciting news is the rapid progress of our new “Alpha Delta” colony. I mentioned in our last newsletter (Spring 2007) that an interest group of about 45 guys was in the process of becoming an official colony of our chapter. I am proud to announce that the colony was accepted by IMH (International Memorial Headquarters) and they were pledged in last spring. At that time they had about 60 men.
This colony is still on the move. They just recruited another 12 colony members, bringing the total colony members to 72 men! I arranged a meeting with the colony early this semester to introduce myself and explain the purpose of the alumni corporation, with its primary purpose in providing housing to our undergraduate members. Many of you attending fall football tail gate parties have had the opportunity to meet many of these men.
The colony is a great group of men that appear very motivated to earn our charter back. Their cumulative GPA is about 3.3, exceeding the all men university average and most members are active in various Penn State clubs and sports. The colony is on track with their IMH requirements and should be in a position to earn back the charter next semester.
With the colony on track to earn back the charter, the alumni corporation will be placing the purchase of a fraternity house as its top priority. Our goal and vision is to return to Penn State with the finest fraternity house at State College. The most likely scenario would be to purchase a fraternity that has shut down. This would require either a major renovation or tearing down the house and building new. Either way, this will require at least $3.5 million dollars to purchase and build a “First Class” facility.
A fund raising effort of this magnitude will require the board to hire a professional fundraising company that specializes in fraternity capital campaigns. We have the funds to start this process, but a lot more money will be needed. Many alumni may be thinking that raising this amount of money is unrealistic. It is important to note that numerous fraternities throughout the country conduct capital campaigns to raise funds every year. They routinely raise $1 million to over $4 million dollars to renovate or build new buildings. Alpha Delta has over 850 living alumni, making our goal very realistic to achieve.
The board and I will be performing a lot of research on the fundraising process and will be interviewing professional fundraising firms. Stay tuned for more details!
We need your email address! Email communication today is more common than the telephone, cheaper and more efficient. We currently send out monthly E-Newsletters, but we need your email address for you to receive one. Please take the time to log in to the website (www.kappasigpsu.com) and make sure we have your current email address or write it on the “Membership Update” form, included with this newsletter. Outside companies never use our email address database; it is only for official Alpha Delta communications.
Included with this newsletter is a solicitation form requesting donations that we always need. We continue to rely on your generous donations to fund our communications program and the modest expenses of the corporation. While we may seem flush with cash today, that money must be preserved to support the chapter’s housing needs. Please continue your generous support so that your board can communicate with you about the good work of the order.
Please include your personal updates for the “What’s New” section. This is a very popular section for our alumni, so take a few minutes to update us on work, personal, family or social highlights. Include some pictures too!
Alpha Delta is now on track to return to Penn State much faster than we anticipated. With our loyal group of alumni, we have the potential to return with the finest fraternity house at Penn State. Some time ago, your board adopted the vision to have the premier chapter on campus, with a chapter house that sets a new standard for all other fraternities to follow. Together, we can make that vision Alpha-Delta’s new reality!
Fraternally Yours,
Edward D. Gorkes ’79
President