2006 Founder's Day Meeting Minutes

8:02pm meeting starts.

Alumni turnout was low – in attendance was...

Bob Waltenbaugh ‘49, via phone Jeff Damcott ‘91, Mike Fitzgerald ‘70, Dennis Foley ‘91 , Ed Brown ‘87, Chris Burke ‘93 , Chris Bartnik ‘90 , William Hertrick ‘04, Richard Maltz ‘90, Dan Gregory ‘05, via phone Mike Stein ‘91

Introduction of Jereme W. Grinslade, Director of Alumni Resources & Housing for Theta Chi Fraternity. Jereme goes over Omega’s status.

Financial status of Chapter

1. Chapter currently has 2 mortgages

a. Citizens Bank – about $20,000
b. Norwich Housing (National) – about $110,000

Norwich Housing hasn’t been paid since 2003

2. Taxes owed

a. Centre County Tax 2006: $1,669.82
b. State College Borough 2005: $1,849.72
c. State College Borough 2004: $1,444.30
d. Centre County 2005: $1,669.81 
e. Centre County 2006: $1,669.81
f. State College School District 2005: $7,531.36 
g. State College School District 2006: $7,949.45 

h. HRH Insurance: $8180.00

3. Assets – Checking Account - $9,781.91

July 1st the Borough will start proceedings to sell off house and property to pay back taxes.

Question is asked about value of property and house – last estimate was in 1993 and was valued at $500,000, estimated that today it would be around $1,000,000.

Chapter and alumni goals.

1. Recruitment and new member education, numbers to fill the house and find a Financial Advisor

2. Get alumni Corporation in working order

3. Renovations to house – sprinkler system* for entire house and code repairs to 3rd floor.

4. Settle outstanding accounts and finances.

* Sprinkler Systems needs to be in place by September 1, 2008 – if the chapter does not have an up-to-date fire-safety system, "the housing ordinance will be revoked and the property cannot be rented."

• Norwich doesn’t want to own house, but will do so if necessary. If National does take over the house – deed in lieu of foreclosure - they probably will lend us the money for all the necessary repairs and outstanding financial accounts.
• National than would pay off the back taxes, pay for sprinkler system and to have the code repairs done on third floor. The chapter than would start paying National rent in the amount of the Taxes and Insurance, until the chapter was in better finical standing.
• Dennis Foley noted that there were no minutes from the Homecoming meeting to read into the record because no meeting was officially held. 
• Richard Maltz motioned that the Agenda be skipped to move on to the Norwich Housing Corporation (further referred to as the NHC) items. Dennis Foley seconded and the motion passed unanimously.

New Business

1. The NHC loan in default and two years of unpaid taxes and property insurance.

a. Dennis Foley motioned that due to the Corporation’s default of the current mortgage loan with the NHC, the Corporation needs to execute a deed in lieu of foreclosure to the NHC, the current mortgage holder. In addition, the Corporation President needs to be appointed to be the official signer for Theta Chi of Penn State, Inc. This is to include the warranty deed and any other required documents for the transfer of property known as 523 South Allen Street, State College, PA.

b. The motion was seconded by Mike Fitzgerald and passed unanimously.

c. Dennis Foley motioned that the Corporation approve William Hertrick, the Corporation Vice-President, to prepare a written Corporate Resolution, which will be required for the transfer of the title to the NHC.

d. The motion was seconded by Chris Burke and passed unanimously.

e. Dennis Foley motioned that the Corporation request that the NHC purchase the first position lien from Citizen’s Bank.

f. The motion was seconded by Chris Bartnik and passed unanimously

2. Discussions were held about the plan for the reorganization of the Corporation Board, Officers and the membership.

a. Changes to the By-laws of the Corporation need a meeting of the Board of Directors first and was tabled.

b. Changes to the membership needs the meeting of the Board also and was also tabled.

c. A meeting will be called by the President of the Corporation and be held before the annual 2006 Homecoming meeting – maybe in Philadelphia.

d. Getting alumni more involved – rushing our alumni brothers.

e. Firing/Replacing Affinity and taking on those responsibilities on our own (newsletters and other mailings)

f. Hiring an outside service to monitor repairs and other projects over the summer.

g. Giving Board of Directors – job descriptions and responsibilities.

Meeting adjourned at 10:33pm