Beta Theta Pi - University of Minnesota

Spring 2019 Newsletter

Beta Pi Chapter of Beta Theta Pi at the University of Minnesota

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A P u b l i c A t i o n o f t h e b e t A t h e t A P i S o c i e t y o f M i n n e S o t A the betA Piper SPRING 2019 F inancially, the past few months have been challenging and incredibly rewarding. The Beta Theta Pi Society of Minnesota has been working diligently to pay off our remaining balance from our renovation and ensuring the everyday operation of the chapter house. Recently, with the help of our generous alumni and friends of Beta Pi, we were able to pay off the construction loan that we used to fund the renovation projects. We now turn our attention to our other loans and obligations. In 2019, we will focus not only on paying down these loans to the best of our ability, but also finding ways to improve the house. We want to ensure that the house is welcoming and functional for all our current members and alumni. We also look to complete additional room improvements and proactively upgrade our facilities, including the kitchen. We will continue to ensure that the society is in good financial standings with our partners. As of February 2019, the society holds assets of around $10,000. Our short-term outstanding debt still exceeds $101,000, where our long-terms obligations, including our mortgage, are around $420,000. In the next three years, our goal is to completely pay off all our promissory notes and other short-term loans. Once these loans are retired, the only remaining debt on our balance sheet will be our current mortgage and the loan from the University, which was specifically earmarked for fraternities to improve their living spaces. We want to thank all those that helped us on this journey. The Housing Corporation greatly appreciates all the contributions that were made for the capital campaign and we look forward to your continuing support. Yours in __kai__, Jack Liang '13 Treasurer Beta Theta Pi Society of Minnesota CELEBRATING 130 YEARS OF BETA PI F or most of the past two years, the chapter room has been an increasingly musty and often wet place. The conditions inside the room have been increasingly poor, and not meeting our standards as a Housing Corporation for the chapter. Thankfully, over December and January, the chapter room got a big refresh to fix these persistent issues and at a very fair price tag. Partially funded by generous gifts from alumni in 2018, a new drain tile system has now been installed in the chapter room, along with new walls and flooring. These repairs were completed or orchestrated by fellow alumnus and House Corporation volunteer, Cian Chase '06. The interior drain tile system was installed along the rear foundation wall in the chapter room. To do so, we removed several layers of finished wall coverings (drywall, wood paneling and plaster on metal lath) and old, glued-down carpeting. An abatement of asbestos floor tiles was required as well. Then, our waterproofing contractor installed a membrane against the foundation wall, designed to capture any water coming through the wall and divert it into a trench, which had to be dug out from the concrete. This trench drains any captured water into a newly installed sump pump basket, which is then pumped out of the house. After installation, this system was covered by a new layer of framing and sheetrock. Finally, we installed new commercial carpet tiles throughout the entire chapter room and had all the walls painted with a fresh coat. We now have a chapter room that looks and smells fresh. More importantly, the improvements will prevent any future water intrusions from affecting the wall and flooring materials inside. When all said and done, the project was completed for under $9,000—a figure well under what we feared the full cost may be. Beta snaps are owed to Brother Chase for his time and talents in this endeavor, and many other building improvements in recent years. Chapter Room Repairs Completed ALUMNI DONATIONS FUFILL CONSTRUCTION LOAN FOR HOUSE RENOVATIONS House Corporation Shifts Focus to Remaining Loans This winter the chapter room was gutted, and a new drain tile system was installed, fixing the draining and water issues. Stop by the chapter house to see the completely refreshed chapter room!

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