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Sigma Chi Club of Philadelphia, Inc. met at the end of October. The financial report showed that our finances have maintained a strong position with continued modest growth.

 

We are quite proud of the recently completed bedroom door and corridor restoration project. Miscellaneous lighting and electrical repairs are still ongoing. Projects under consideration for next summer include: laundry area improvements, bedroom flooring, electrical distribution upgrades, and a new stair tower to replace the fire escape.

Further upgrades may be within our means. In light of the consulting costs required to mount a major capital campaign, we are considering a more limited self-managed campaign to rename the 15 bedrooms. We have already received commitments for some of these rooms and with a broader outreach, we should be able to secure the funds needed to complete the remaining flooring, electrical and furniture upgrades.

Penn's Office of General Counsel has presented all recognized residential fraternities and sororities with new policy standards giving the University more liability coverage and expanded indemnification. This academic year we are still covered by our RMF policy via Sigma Chi, but will be seeking alternative carriers to meet Penn's new standards of care.

We will award a $500 Gilmore Scholarship to each of four undergraduate brothers as members with the most improved GPAs and for their overall academic achievement. Their names will be announced at a future date.

A full recap of the Sigma Chi Club of Philadelphia, Inc. meeting minutes can be found below.

Meeting Minutes
The Sigma Chi Club of Philadelphia, Inc.
Board of Trustees, Annual Meeting

October 27, 2012
10:00am – 11:30am
3809 Locust Walk – Living Room

Attendees:
Mark Kocent '82 - President
Kevin Gramza '13 - Undergraduate Consul
Jon Greenawalt Jr. '91
Dhananjay Pai '83
Ronald Woodmansee '82
Reed Werner '01

Excused:
Gerald Knorr '82 - Vice President and Treasurer
Steven Adler '82
Paul Hertel III '88
Maury Nunes '70
Tom Valenti '00

Agenda

1... Board Elections: The following were re-elected for another one-year term:
Mark Kocent '82 - President
Gerald Knorr '82 - Vice President and Treasurer
Maury Nunes '70 - Legal Counsel
Steven Adler '82
Jon Greenawalt Jr. '91
Paul Hertel III '88
Dhan Pai '83
Tom Valenti '00
Reed Werner '01
Ronald Woodmansee '82
Kevin Gramza '13 - Undergraduate Consul

2... State of the Chapter: Kevin gave a brief update of the chapter's state of affairs including: The chapter continues to maintain a strong brotherhood with approximately 46 actives or a diverse background, many of whom are active on varsity and club athletic teams at Penn. The timing of Spring Rush makes it difficult for new initiates to commit to residence as sophomores, so the brothers in residence have shifted to a greater percentage of upperclassmen in singles. Recent renovations and a concerted effort in Rush will seek to balance the ratio of brothers living in the chapter house. As 22 seniors will graduate, the chapter is seeking a pledge class of similar size. Regarding philanthropy, a fall volleyball tournament was held, raising about $500 for the Huntsman Cancer Institute. The alumni chair is seeking to expand engagement with alumni with a focus on career mentors and prospective internships. Finally, new officer elections will be occurring in late November with mid-year leadership transitions.

3... Financial Report: Jerry provided a detailed accounting of the house corporation's financial assets and should be commended for maintaining our strong position with continued modest growth:
• Annual Dues: (through 8/31/12) $7,354 in expenses against $13,955 in revenues from 122 donors
• Short Term Assets: $34,502. (+23% growth since 2011)
• Long-Term Assets: $43,970 (+25% growth since 2011)
• Phi Phi Scholarship Fund managed by Sigma Chi Foundation: $98,169.
• Assets managed by the University on behalf of Phi Phi: $62,261 in our Residential Operations and Maintenance Fund and $36,038 in our Capital Improvement Fund.

4... Capital Improvement Projects: Mark presented an update on the recently completed bedroom door and corridor restoration project. Following the successful window restoration and replacement project, this past summer we embarked on a complete replacement of all 16 bedroom doors including custom wood trim to conceal steel frames, polished brass hardware, new ceilings, lighting, painting and carpeting in the corridors and staircase. All bedrooms have now received a plaster skim coat and new paint. The total expense for this work was $103,704. Funding was provided with a 60/40 split from our Res Ops and Maint Fund (alumni gifts) and our Capital Improvement Fund (student rent revenue). Approx $1900 in misc lighting and electrical repairs are ongoing. Projects under consideration for next summer include: laundry area improvements, bedroom flooring, electrical distribution upgrades and a new stair tower to replace the fire escape.

5... By-Laws Update: Ron Woodmansee and Maury Nunes have made suggested edits to our by-laws. We will circulate copies of these revisions for further discussion.

6... Risk Management/ Insurance: Ron outlined the new policy standards that Penn's Office of General Counsel has given all recognized residential fraternities and sororities, giving the University more liability coverage and expanded indemnification. This academic year we are still covered by our RMF policy via Sigma Chi, but will be seeking alternative carriers to meet Penn's new standards of care.

7... Awards: Immediately following the Board meeting Mark noted that we will be presenting the following awards: along with Consul Kevin Gramza, we will award $500 Gilmore Scholarships to four undergraduate brothers (Connor Bernhard, Ryan O'Connell, Keith Rush and Sawyer Waugh) as those members with the most improved GPAs and for their overall academic achievement; and Dhan Pai '83 will become the 29th Phi Phi alumni brother to receive the Significant Sig Award.

8... New Business: A discussion of future renovation planning acknowledged that the successful implementation of new windows, doors and common area improvements have made a significant difference in the quality of life and comfort at the chapter house. Additional improvements are within our means and a proposed pool of fraternity resources may allow further upgrades such as the new fire stair. In light of the consulting costs required to mount a major capital campaign, we are considering a more limited self-managed campaign to rename the 15 bedrooms. We have already received commitments for some of these rooms and with a broader outreach, we should be able to secure the funds needed to complete the remaining flooring, electrical and furniture upgrades.

9... Motion for adjournment passed.