Chi Phi, Alpha Delta Brothers:
It has been some time since we last provided an update on our progress.
It is with great honor that we share with all of you some very good news on a variety of different leve
Chi Phi, Alpha Delta Brothers:
It has been some time since we last provided an update on our progress.
It is with great honor that we share with all of you some very good news on a variety of different levels about Chi Phi, Alpha Delta at Penn State. Below are the highlights, but given all the great news, please read the detailed information that follows:
-As of this date, we have collected $693,862 of our total pledges of $1,443,569
-We expect the actual renovation costs to come in at approximately $1.5 million
- We refinanced our existing mortgage with a local bank and increased the amount to fund the remaining renovation costs and other operating costs of maintaining the house
- An anonymous donor also has pledged a $300,000 subordinated credit line to fund any project shortfalls
-17% of our donors have already fully paid their pledge commitments
-54% of our donors have begun to make payment on their pledge commitments
-We contracted Al Drobka of Drobka Architects to be our on-site project manager
-We contracted Veronisi Building and Remodeling to complete our renovation project
-We are anticipating permits from the Centre Region code office by the end of the month so we can begin work on the interior of the home
-Nine young men have recently been installed as our the first class of "new members of the recolonized Chi Phi, Alpha Delta no-hazing/non-alchohol fraternity
-We have contracted with a consultant called, CampuSpeak, that specializes in recruitment of new members and will help this core group expand. Chi Phi National has worked with CampuSpeak at other Chi Phi chapters.
Chi Phi, Alpha Delta Renovation
We are pleased to report that the leadership of Chi Phi, Alpha Delta's Alumni Association has come to terms and agreed in contract with Veronisi Building and Remodeling (VBR) to be the contractor for our renovation project. Permits have been requested through Centre County Code Authority and we are waiting for approval to begin work on the interior of our home as the first phase of our renovation plans. It has been a long time coming regarding this important milestone. Mike Krone, AD, '90, and Ken Jacobsen, '66, have been working tirelessly on finalizing our cost basis for all items in our scope of work to be done. They have been actively engaged with VBR with the assistance of our third-party project manager Al Drobkafrom Drobka Architects, State College. This process is a major undertaking but Mike and Ken have been extremely effective in aligning our desired scope of work within the budget constraints of our campaign.
Pledges/Collections Update
We continue to hear from more of our alumni as they increase their previous pledge commitments. We are hoping that all of the great news included in this update spurs on some of you to join the 325 brothers who have already shown their allegiance to building a stronger Chi Phi, Alpha Delta by making a pledge commitment. And any pledge increase or new pledge made is being matched dollar-for-dollar by the generous matching commitment of Brothers Brockway, Meyer and Marsh!
Interested in joining us for the first time or want to increase your previous pledge commitment? It's easy. Simply complete the Chi Phi, Alpha Delta "A Foundation for the Kingdom" capital campaign pledge form and return it to:
Alpha Delta Chapter of Chi Phi Fraternity
The Pennsylvania State University
Capital Campaign Processing Center
P.O. Box 7007
Albert Lea, MN 56007-8007
Not sure how much you owe on your previous pledge commitment? Contact Bob Martin at rpm163@psu.edu.
Some facts about our campaign collections to-date:
1. As of this date, we have collected $693,862 of our total pledges of $1,443,569
2. 17% of our donors have already fully paid their pledge commitments
3. 46% of our donors have not begun to make payment on their pledge commitments
We are now asking any brother who hasn't already begun to make payment on their pledge commitment to please begin to do so now.
In most cases, we originally asked brothers who have made a campaign pledge commitment to make payments over a three year period. With the preliminary phase of renovation under way, we are beginning to incur major costs. Unfortunately, we don't have the funds in hand to fully cover these costs since, as was indicated above, about 83% of all brothers who made pledge commitments have made partial payment as of this time due to their plans of spreading payments over a three-year period or they simply have not begun to pay at all. We are asking brothers that have the capability of accelerating their pledge payments over 18 months instead of three year to pledge do so now. We would be extremely grateful since it would save us interest costs from fully utilizing a bridge loan financing to cover the timing differences between when we collect donations and when we incur costs for the overall renovation project.
We know some brothers just simply are not in the position to accelerate their payments at this time. If that is the case, we certainly understand. However, if you are in the position to do so, we would be extremely appreciative. Simply make checks payable to the "Chi Phi Capital Campaign at PSU" at:
Alpha Delta Chapter of Chi Phi Fraternity
The Pennsylvania State University
Capital Campaign Processing Center
P.O. Box 7007
Albert Lea, MN 56007-8007
Thank you in advance, as always, for your continued support.
Financing Update
There have been many questions from alumni regarding the overall financing of the project. The overall cost of the renovation and recolonization of Chi Phi, Alpha Delta will not be fully funded by your generous pledge donations. In addition to the overall construction renovation costs, we have incurred additional costs to keep the house during the last four years while it remained unoccupied, such as existing mortgage payments, insurance, upkeep of the land and taxes. We were recently successful at refinancing our existing mortgage and increased our loan amount to cover these additional expected total costs. The mortgage was increased to an amount that both the alumni and the lending bank are comfortable with so that we can continue to service the mortgage payments.
In addition, the same lending bank is also providing us an additional extension of credit to fund the timing difference of when we collect our alumni pledge donations and when we incur costs of the overall project. To the extent we can receive your pledge donations sooner, it would result in lower interest costs of the overall project.
Lastly, an alumnus who has been one of the biggest supporters of the campaign has pledged a credit line of up to $300,000 to fund any shortfalls in the project. We are hoping not to use too much of this generous credit line, but ultimately that will depend on the timing and ultimate collections of your pledge donations.
Historic Recolonization of Chi Phi, Alpha Delta
The evening of Thursday, September 13, 2012 was a historic one for Chi Phi, Alpha Delta. At 10 p.m. that evening in Room 103 of the Hetzel Union Building on the campus of Penn State University, nine men were recognized as "new members" (formerly known as pledges) by taking part in the "pinning" ceremony as part of the first phase of our recolonization efforts. Tyler Moyer, national field representative from Chi Phi National, led the ceremony and was assisted by Bob Martin, AD '87, who participated in readings and provided the nine new members Chakett pins to commemorate the occasion. Each man took the oath of becoming a new member and agreed to go through the four-week new membership process.
The new members wasted no time in electing their executive board. Michael Barbalace, a junior majoring in accounting in the Smeal College of Business was elected as Alpha. Michael Dellavalle, a senior, also in accounting, was elected Beta. Tyler Stawski, a sophomore in business administration, was elected Delta.
After the official ceremony, Tyler Moyer forwarded the following message on to Chi Phi National's headquarters regarding our new members:
This past week nine young men came together to re-colonize the Chi Phi-Alpha Delta and proclaimed their mission: "to redefine the tradition of brotherhood through leadership, service, and integrity." This extremely motivated, resourceful, and intelligent group of men will go through a four-week New Member Education period before rolling into a second four-week program with a second group of New Members. Two more classes are being planned for the spring semester as well. There is no doubt in my mind that this incredible group of young men will set Alpha Delta up for sustainable success in the future as well as make a significant impact on the campus community.
We could not be more pleased to have been able to find such extremely bright and actively involved men interested in becoming a part of our non-hazing/dry fraternity. We have every reason to believe that this group of young men will instill the true ideals of Chi Phi--truth, honor and personal integrity. They are a very culturally diverse group that brings a unique blend of personalities and leadership qualities to the table. We are confident that this group of young men will represent our beloved fraternity well on and off the campus of Penn State.
As stated in Tyler Moyer's message above, the plan is to have a total of four new member classes, each being four weeks in length, all before the end of the academic year. This hopefully, will provide us the opportunity to have a strong group of young leaders, principled in the core values of Chi Phi ready to occupy the house come August 2013.
We are very excited about this initial group of young men. Thanks to each and every one of you for your support, tireless efforts, and belief in making this memorable and historic event for our chapter come true.
Sincerely,
The Chi Phi Alumni Board/Leadership Members
Kevin Bostick
David Brockway
David Harris
David Hicks
Ken Jacobsen
Rich Konzmann
Michael Krone
Bob Martin
Michael Rowley
Andrew Schultz, Jr.
Andy Schultz, Sr.
