Voluntary Alumni Contribution Fund
Your Help Needed!
Update: July 8, 2014 A.D.
In Spring 2014, the ACB voted to use VAC funds to assist in the purchase and installation of a new roof for the chapter house. The quoted cost of the work is $51,250, of which a 10% down payment has been made from the VAC fund. ACB is attempting to acquire a loan in the amount of $35,000 to finance the remainder of the roof, but the loan has not yet been secured.
In December of 2010, the ACB commissioned a contractor to visit the house and provide a full assessment of the building. The attached report indicated near $200,000 of repairs required to bring the building up to code, and to last another 50 years (our House will turn 50 years young in 2014). It is the primary focus of ACB to assist in financing a renovation of the house and grounds to provide the next generation of actives a place to grow and become better men.
Attachment: 2010 Building Report
At the 60th reunion celebration ACB introduced a new contribution fund. This new fund is called the Voluntary Alumni Contribution Fund (VAC). Much like its name implies, this fund is voluntary and set up for alumni who would like to continue contributing to the house after their time as an active has ended.
The alumni brothers of Beta Pi have been very generous in their donations for the 60th celebration. All of the donations collected went to house improvement projects and you can see the actives have worked very hard to make the house as presentable as possible. As we all know the house is getting older and maintenance gets harder over time. Every ten years Beta Pi has a celebration of our heritage and alumni donate money toward the beautification of the house. The problem is that the house only gets these donations and cosmetic facelifts every ten years. This leaves many years of neglect, simply due to lack of funds to complete projects. We are hoping that VAC can change that!
The hope is that this fund will function a little differently than the bond and endowment funds. These existing funds are primarily set aside as “emergency” funds that we really don’t tap into unless necessary. Most of the money in these funds is in CD’s earning interest over time. The VAC will be different in that we would like this to be a more “fluid” fund, meaning that money will flow in and out on a regular basis.
So, how will this work? ACB envisions a system where any alumni can contribute any amount they would like. You will be able to contribute via check or Paypal. This money will be managed by ACB in a local checking account and a high interest online savings account. At every ACB meeting the active brothers of Beta Pi will present projects and budgets to ACB. Actives will receive funding for projects that are affordable and/or necessary. The goal is that these items will not be frivolous projects but rather projects that are important to the house. Great examples of recent projects include: new plumbing, removal of asbestos, new tile, new stairs, new roof flashing and new walls in the basement.
The second goal of the VAC will be long term planning for major house renovations. We will set aside 50% of all donations annually to cover major expenses in the future. Some examples of major expenses include: new roof, windows, boiler, insulation, electrical wiring, code upgrades for rooms, etc. Many of these major financial expenditures are not in the too distant future.
ACB convenes three times per year and we will be asking for new donations after these meetings, as funds will be approved for projects at the meetings. Between meetings there will be a website off the main Beta Pi page with how much money we have raised since the last meeting, who has donated since the last meeting (a little recognition for you) and what projects (including pictures) are currently underway. We will also keep a lifetime tally for the fund, so we can look back at the 75th and 100th celebrations and see how much we can really achieve if we all pitch in a little.
Again we would like to state that this is completely voluntary and any amount would help move the projects along. Keep in mind that giving $25, $50 or $100 this year might not seem like much (probably less than one night on the town), but if 100 or 200 other people do the same, we can help keep the house in excellent condition every year, instead of every ten.