Thanks go out to the following brothers for stepping up and helping Alpha Gamma of Sigma Chi House Corporation.

Alumni Name
1 Andy Harper
2 Bill Nuetzling
3 Bob Ward
4 Brian Barth
5 Brian Lignelli
6 Dave Mehaffie
7 Dave Pflaumer
8 Dave Zadnik
9 David Laymon
10 Denny Draeger
11 Dirk Greene
12 Don Fatica
13 Don Simon
14 Eric Black
15 Geoff Korff
16 Greg Callaghan
17 Greg Carman
18 James West
19 Jay Wagner
20 Jim Gibeaut
21 Jim Manning
22 John Baumer
23 John Fairand
24 John Stephen
25 Malcolm Gudis
26 Mark Engert
27 Mark Evans
28 Matt Berry
29 Michael Wenger
30 Premier Estates (Name??)
31 Roger Higley
32 T.A. Ward II
33 Tim Conway
34 Travis Greene
SUBTOTAL DEPOSITED

35 Jamie Wood
36 Jim Taliak
37 Keith Massa
38 Mark Rayburn
39 Marty McCarthy
40 Mike Ward
41 TA Ward Sr.
SUBTOTAL COMMITTED

41 GRAND TOTAL = $5,250.99

Financial report for FY 2008-09:

The bad news:

1) Total cash inflow = $107,262.74
Total cash outflow = ($113,253.93)

Resulting in a ($5,991.19) cash basis operating loss

2) Ended the year with total debt balance = $248,500

3) Ended the year with cash balance = $9,184.65

4) Still repaying debt principal incurred as far back as 1965 (to create 260’s parking lot)

The good news:

1) House Corporation repaid nearly $46,000 of debt principal during the year

2) Made all recurring and non-recurring debt principal and interest payments on time and in-full and is aggressively paying down debt

3) Ended the year with 100% property occupancy (2 per room X 18 rooms)

4) The corporation has a clear picture of its financial position and, while not good, is steadily improving from its terribly grave financial status 5 years ago

Upcoming current FY 2009-10 challenges:

1) Current occupancy rate stands at only 85% (31 tenants). This must improve!

2) Current year projected operating loss = ~($6,600); which is an improvement over the initially projected operating loss of ~($14,400) reported to the board last month. This $7,800 betterment is the result of some near-term capital expenses not materializing as expected and the low-key alumni fundraiser underway at the moment

3) Making sure the corporation doesn’t run out of cash before it can completely pay off its two junior creditors. House Corp.’s primary creditor is the Alpha Gamma of Sigma Chi Endowment Fund, which is how it should be. The AG Endowment Fund was created in the early ’80s to loan funds to the House Corporation and in this respect is doing its job. Once the junior creditors are repaid, the Endowment Fund will be repaid its principal with interest. House Corp. is currently paying interest-only to the Endowment Fund.

In Summary: House Corp. continues to hold its own financially. It needs to carefully watch expenses, improve 260’s occupancy rate, and consider alternative cash inflow opportunities.

Respectfully,
Peter S. Asmar, MBA, CPA
Treasurer – Alpha Gamma of Sigma Chi, Inc.

All brothers who attend the 2009 Homecoming event will recieve a complimentary, limited edition, poster.

 

Gentlemen, We are writing to you to encourage each and every one of you to write a $100 check to Alpha Gamma of Sigma Chi, Inc. If you don’t have the $$, maybe you have time? We also need Brothers to step up and join House Corporation. The same 8-10 guys cannot continue to carry the load.

We could go into details about the how the House Corporation will be in the red by the end of the year but the simple answer is that we have never been very good at asking our alumni to get in the habit of contributing toward an annual fund every year. We know we had a fire drill fundraiser back in 2004 to save the Chapter House. This fundraiser is to help House Corporation fulfill its mission by maintaining the house in a condition suitable to perpetuate the institution we know as Sigma Chi. We know times are tight, but let’s face it we all have fond memories of our college days with most of them being centered around Sigma Chi. If you get this email, then you know we have made many improvements over the past few years to our 50+ year old fortress. We need your continued support.

Payable to: Alpha Gamma of Sigma Chi, Inc

Please send your donation to:
Peter Asmar, Treasur
42 Ridgecrest Drive
Chagrin Falls, OH 44022

If you would rather donate via Paypal.com, you can use Nate’s Paypal account, just send your payment to ” nfisher2@gmail.com “

Thanks go out to the following Brothers that have already committed to supporting our cause:

David Zadnik, Eric Black, Matt Berry, Bob Ward (my uncle), Marty McCarthy, Greg Callaghan, Dave Pflaumer, Jim Manning, Mark Evans, David Mehaffie, Andy Harper, Don Simon, Bill Neutzling, John Baumer, Rayburn, Mark Engert, Bertha and TA Ward II, Mike Ward.