Zeta Sigma-Florida Institute of Technology

29
OCT
2014

House Corporation Update

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By Brother Brock Tucker, President

It has been a busy and productive year for the House Corporation.  For the first time in memory we have a full Board of Directors.  Also for the first time we have more alumni brothers running for a position on the House Corporation Board of Directors than there are open seats.  We formally started our 1.25 million dollar capital campaign to build a new house and to date have pledges of over 650 thousand dollars.  Along with everything else the House Corporation continues to support the Chapter with maintenance and improvement projects, which this year included rebuilding the back deck and a seemingly never-ending parade of AC problems.

After our annual meeting in October 2013 seven of the eight Board of Directors seats were filled.  At our December meeting Brian Kryszczynski officially joined the board bringing the house corporation up to full strength.

The capital campaign for a new Zeta Sigma Pike House is in full swing.  So far over 650 thousand dollars has been pledged by just 93 of our alumni brothers.  Joe Caruso and his ASK  team are working hard to reach every Zeta Sigma brother for their support of this crucial campaign.  While the fundraising continues the House Corporation is working with brothers who have specific expertise, our general contractor, and the City of Palm Bay.  Early site work, such as surveying and soil testing, are already underway.

Maintenance and improvements to the house will always be the top priorities of the House Corporation.  Even while we plan for a new house, it is important that the current generation of active brothers get the same fraternity experience that we alumni benefited from in our college days.  During the summer of 2013 it became clear that the back deck was in bad shape and needed rebuilding.  Like most projects at the house once the first layer was peeled back more problems were discovered.  What started as a project to replace the deck boards quickly added the replacement of the joists, stairs and some of the railings.  After the work was completed the Chapter oversaw repainting the entire back desk as a pledge class project.

In this year we had a budget deficit of $18,637, due to the unusual number of issues facing the house.  Instead of our normally budgeted $10,000 going into reserves $8,637 was pulled from reserves to cover the deficit.  The Board of Directors approved a $51,783 budget for the 2014/2015 fiscal year with no rent increase, confident that with a more normal level of catastrophic events it will not be needed.  The Board of Directors will discuss in the December meeting any need to raise rent for the 2015/2016 fiscal year, allowing the Chapter ample time to adjust the rent it charges active brothers, if any adjustment is needed.




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