Theta Chi
Fraternity, Epsilon Chapter
·
Insurance Claim OWNER: Colangelo/Daly
1.
Emergency
Repairs, Property, and Contents Claim
-
Delay by insurance company. Still no
response on our claim…
Emergency $89,423 (less $45,000 paid to ServPro, pending negotiations)
Property $184,023 (upfront: $132,483,
balance upon repair verification)
Contents $31,885 (includes under-insured penalty)
- Need to re-evaluate contents
insurance needs. Estimate = $130,000.
- UPDATE: Steve Burr from Burr
Insurance called to let us know that Lloyds of London,
our current insurance company, will not be
renewing in April due to loss experience.
Steve objecting, as the driver’s insurance is covering the entire
claim. Decision
pending.
Steve has a backup plan, should Lloyds stick to their decision.
- Partial Proof-of-Loss statement
submitted to insurance company
2.
Expectations
- Continuing to apply pressure to
resolve the claim so we can proceed with renovation
- We have to wait before extending
Matt Colangelo & Sons further.
·
Renovation Roadmap OWNER: Colangelo/Daly
1.
First
floor common areas
- Dining room, pool room, living
room are priorities.
Will take finish money from
third floor finish work and further enhance
first floor rooms.
2.
Second
floor bedrooms and common areas
- Return to pre-fire condition,
except hanging beds in bedrooms.
3.
Third
floor Library/Warm Dorm
- Library and Warm dorm will be
closed, including extra bedroom off library.
- Renovation will “button up” these
rooms with minimum renovation
- Will complete these rooms later
when funding becomes available.
- Discussion about education fund
(tax-free) to fund these room renovations
4.
Basement
Party/Meeting rooms
- Party room will be returned to
pre-fire condition. Not substantial
repairs.
-
Meeting room character will be returned, enhancements in lighting and
ventilation
OTHER – See http://alumni.oxepsilon.com/meetings/2005_renovation_plan.xls
for detailed list.
·
Alumni Financial Report OWNER: Dave Scott
1.
EBA
Checking balance
- $26,700 current
+ $09,000 (1/2 quarter rent from Chapter)
+ $19,000 (1 quarter rent from Chapter)
+ $09,000 ( Bank error in applying mortgage
under/over mortgage payments)
TOTAL = $63,700
- However, lots of upcoming expenses
(ECHO, property tax, tax penalties, mainten. Etc)
- Good alumni donation response from
ECHO. Received $4425
since the mailing.
- Need to know what the cost to
repair the hot water before allocating funds for other work
2.
Outstanding
rent from undergrads
- Remains steady at 3-payments
behind for B’03, C’04, D’04
($57,000)
-
Catching up will be difficult due to low membership
3.
Tax
status
-
Filed 2004 tax
return, but it required an extension. FYI.
4.
Alumni
collections
- Reviewed partial list of
recent alumni graduating with debt - $33,226
-
Chris Haraldsen (former EBA VP) agreed to help out
with collections
- Omega financial service will
help if ‘collections’ needed… likely in some cases
-
At previous meeting, we set a new policy for house bills – cannot stay at the
house
if any money is owed
from 2 quarters ago. Late fees (3.5%)
assessed quarterly for running
balance, etc. Now, we’re serious about enforcing
collections.
- Denied 2 motions to secure
exemptions to above policy, announced to chapter weeks earlier
-
UPDATE: Dave Scott putting together a
Policy document to raise awareness
·
Undergraduate Financial Report OWNER: Jim Schementi
1.
Membership
numbers and house occupancy for D-Term
~
25 brothers will be living in for D-TERM
~
20 brothers will be living in for A-TERM
2.
Bill
Collections for C-TERM
- All but 2 house bills are
collected
-
Implementing new indebtedness policy set by EBA
3.
Motion
for exception to Indebtedness
- As mentioned above, denied 2
motions to exceptions to new indebtedness policy
4.
Rent
= $19,000/qtr
-
Rent remains at the same rate. Keeping current. Plan
to repay backlog pending.
OTHER – Heat/Electricity is
inefficient and wasting money
-
~30 brothers living in is break-even
- Chapter working
with $50,000 yearly budget
- Changed good
service and saving big bucks
- Current house bill
is $1550/quarter.
Least on campus, but not by much. WPI is $3000/qtr
- We have corrected
the National Fraternity insurance/dues to reflect current membership
·
General Maintenance Repairs OWNER: Derrick Morse
1.
Chapter
is eyes and ears of EBA
- Chapter must report maintenance
issues to EBA
-
Otherwise, EBA has no idea things are broken
-
UPDATE: Jim thinks a maintenance dashboard on web would help with communication
-
Chris Haraldsen brought up the position of EBA Liason. The purpose
of this Chapter
position was to
attend all EBA meetings and read all emails, and to report back weekly to
the Chapter. This will help alleviate some recent
communication concerns. In the past,
this position was
well served. In the last couple of
years, the position somehow was
eliminated at the
Chapter. It’s time to revive it, and
re-engage more tightly with the
Chapter. Thanks Chris, for the spot on headsup!
2.
Hot
Water
- Intermittent, but regular COLD
water. HOT water must be fixed.
-
Anthony Delaiarro’s father will be looking at the
system and making a recommendation
-
Prompt servicing is in order.
-
NOTE: EBA is awaiting a response from Anthony Delaiarro
on the investigation.
3.
Common
Area doors, windows, plumbing
- Broken things need to be
itemized so EBA can schedule repairs.
-
Items broken deliberately, etc. will be paid by Chapter
-
Other items paid by EBA
-
Need more crisp definition of what EBA pays for and what Chapters pays for
4.
Dining
room
- Dining room is one of the most
important rooms in the house
-
The floor will be replaced as a top priority
-
Tables/Chairs and flame retardant drapes will be purchased by the EBA
5.
New
maintenance items?
- EBA asked for any other repair
items for the maintenance list
-
Jimmy Schementi gave Jim Melvin the
·
Point System for Epsilon OWNER: Jim Melvin
1.
Promote
good
- Possibly Academics,
philanthropy, Officer/leadership, intramurals…
2.
Discourage
bad
- Possibly missing details,
house meetings, house damage, financial obligations…
3.
Proposal
- EBA charged the new brothers
(freshmen) to research a point system for Epsilon and
propose system to
EBA/Chapter. New brothers will own the
system development and are
encouraged to use
National resources. This class will
serve as architects of the future of
Epsilon Chapter for years
to come. Rohit
Bhalla is the chair of the committee and charged
with driving the
proposal. Proposal due by March 31st.
OTHER: - Jim asked about the functioning of the Epsilon
Committee System
which is one of the
most important functions of the chapter.
- The Chapter is actively
implementing the existing committee system and bringing
it back to life.
- Every brother should serve on
at least 2 committees.
-
Every brother should have an explicit avenue to contribute.
-
Summer Residency – HOUSE WILL BE CLOSED FOR REPAIRS
-
Summer landscaper will be hired
-
EBA will be responsible for summer utilities
-
CO2 detectors were discussed and deemed likely unnecessary
-
Chapter thinks the new MOP system is cool.
Check it out!
Next Meeting
·
Date: Will use email to
schedule.
·
Location:
To be determined