House Restoration FAQ
We have 714 alumni in our email database, and we believe that if at least
650 of those alumni donated $150, we could really accomplish what we need
In order of priority:
- Roof Replacement
- Plumbing and Electrical
- HVAC Replacement
- Laundry Room
- New Furniture
We realize all the items we plan on repairing are not all the items we found in the report, but we nitpicked items that we thought to be the highest priority, which all do add up to over $100K. These include the items listed above which will make the house more inviting to brothers thus increasing
house revenue. In addition to these repairs and improvements, the chapter does have a line of credit with Synovus from before the last probation period, where we now owe just under $70,000.
- A lot of the chapter’s plans for alleviating the debt burden rely on the outcome of the campaign / if we take out a mortgage. Generally, we discussed raising dues from $400 with a $50 late fee to $500 with a $50 late fee (per semester), but rent increases would be harder to convince brothers to pay if their standard of living was not increased. Revenues from rent are projected to continue decreasing as brothers are not attracted to living in the house. One of our goals with this fundraiser is to bring the house to a point
all the items we plan on repairing are not all the items we found
in the report , but we nitpicked items that we thought to be the highest
priority, which all do add up to over $100K.
where brothers actually want to live there. Nick has also drafted a proposal that would split the lost rent from vacant rooms between members of the chapter each semester, but again, passing that is contingent upon getting the house to a quality where brothers feel more confident it would be consistently filled.
We do have some additional sources of revenue. We charge Alpha Gamma Delta roughly $1,700 for a few parking spots every year, and we are planning to rent out the bottom floor of our house to Delta Phi Epsilon for their Fall Rush 2020 for about $9,500 for a few weeks in August. Renovating the house will allow us to pursue renting the house out as a venue for event space for other organizations in the future. I’m also currently working with our Fundraising Committee to come up with more projects. Also, Nick just got in touch with someone about accessing our UGA endowment fund, so that should open up a little over $2,000 this year and going forward.
Unfortunately, donations going toward house renovations are not tax deductible. Although our chapter is a 501c3, that pertains to donations made directly to the Alpha Epsilon chapter, but does not include money going towards our physical house.
The chapter is currently contributing $1000 per month and plans to increase the contribution to roughly $1,100 per month next year. The expenses are necessary. The house would face significant problems in the future if nothing is done now to repair damages. We can get discounts on repairs across the board if we were to have all these repairs taken care of now, rather than in small parts along the line. We are asking for this large lump sum to reduce the chances of us asking alumni for more money in future years and increase the chapter’s ability to be independent without more alumni donations. The mortgage is not inevitable, but it is contingent on recruiting brothers who would pay to live in a house with a decent quality of living.
Not only will alumni be able to have a part in fully restoring one of our most treasured places at the University of Georgia, but since we are only expecting $150 per person,(which donors will be recognized for at the Spring GDay game tailgate on Saturday, April 18th), we wanted to create a truly special way of commemorating our most distinguished alumni who donate $1,000+, so we will honor them by creating a new composite and keeping it in the house forever.
Alumni that donate will receive semi-annual or annual report of house operations, so they can see the effects of their donation.
We expect that this fundraiser will go into the summer. The purpose of the fundraiser is to allow our chapter to be financially self-sufficient. We hope to raise the $100K so that the house can be fully restored, encourage future brothers to fully occupy the house, pay more in rent, at which point, we would not need significant alumni donations.
In other words, if this fundraiser is successful, it is very likely that we will not need another one.