Sigma Phi Epsilon - University of Illinois

BUILDING THE FUTURE OF FRATERNITIES Nick Bartholomew '16 Continues Learning from SigEp 3 T he financial status of the fraternity for its fiscal year that ended July 31, 2020, could have been a lot worse than it actually was. The University shut down the campus in mid-March, about half way through the spring semester. The AVC decided to refund everyone living in the house half of the semester's rent, which amounted to $82,500. As it turned out, we refunded a larger percentage of rent than any other fraternity. Then it was time to cut expenses. Our long-term food provider, Hendrick House, refunded half of the semester's food bill. The resident director gave up half his salary. Without students, we were allowed to cut our internet and cable fees to the bare bones. Utility bills dropped since there was no one to take showers, run an air conditioner, or generate trash. Unfortunately, two of our larger expenses, real estate taxes ($33,000) and property insurance ($11,000) could not be cut. The house also required some expensive structural repairs, which totaled $40,000. In the end, we had a loss for the year of nearly $102,000. Luckily, we have strong financial reserves and were able to absorb the loss. Our balance sheet shows a net worth of $2,067,000 as of September 22, 2020. The fraternity house is a piece of that, but we also have $975,000 of cash and other investments that are available when needed. The current troubles with the chapter will have difficult financial implications, but we have enough in our investments to weather the storm. Fraternally Ken Naatz '74 Treasurer How Illinois Alpha Has Been Impacted Financially by COVID-19 INCOME: Investment Income $25,332 Out of House Dues $6,600 Rent Income $275,740 Total Income: $307,672 EXPENSES Alumni Expenses and Programs $21,510 House Related Expenses $338,759 Undergraduate Activities $49,215 Total Expenses: $409,484 Net Loss ($101,812) Illinois Alpha Income Statement Year End July 31, 2020 F or Nick Bartholomew '16, the "Chapter House 2.0" initiative presents an opportunity to apply his real estate skills and strategic thinking toward envisioning the future of fraternity houses. It also helps him return the favor, after everything SigEp has given him. "The primary goal of this project is to explore how the house of the future will play a role in developing balanced men," Nick explains. "Private sector student housing developers are building apartments with amenities that we cannot compete with. Therefore, we are exploring alternative uses and partnerships that will further the mission of Sigma Phi Epsilon." The project has also helped return the favor to Illinois Alpha and SigEp, after everything they have given him. Nick arrived on campus as a freshman far from home, not knowing anyone and searching for a place to belong. "Sigma Phi Epsilon was the only house that gave that sense of belonging without me having to change who I was to fit in," he recalls. That group of well-rounded, high- achieving men pushed him to be better in all aspects of life, as well as find and develop his leadership skills. After an early internship, Nick realized he wanted to shift from urban and regional planning to real estate. That led to several more internships in Champaign and Chicago, followed by Starwood Retail's leadership rotation program, where he learned all the major ropes. His career highlights so far include his work on State & Chestnut, a residential high-rise in Chicago, and The District, a redevelopment of The Shops at Willow Bend in Plano, Texas. Nick's first real estate internship was under an Illinois Alpha alumnus, and he wouldn't be the last brother with whom Nick worked. "I am continuously impressed with how many successful members of the real estate community are SigEps, and those connections have proved invaluable to me as I work through my early career." Some of his favorite undergraduate memories come from Illinois Alpha's annual spring break service trips and winter break ski trips. In addition to service, he got to know brothers outside of the regular campus setting and cement lasting friendships. Prior to joining the AVC's "Chapter House 2.0" initiative, he also served on the Board of Advisors, as well as mentoring and advising brothers interested in real estate. "Alumni can offer perspectives—both professionally and from their time in the house—that can serve as teachable moments or aspirational goals for undergraduate brothers." Nick stays active in his spare time with traveling, photography, woodworking, running, cycling, and golf. He can be reached at nicholasjbartholomew@gmail.com. Nick's Career Advice For your first job, find an organization that will help you learn and develop your skills. A bigger salary and a better title are always tempting, but your first few jobs should give you the knowledge and tools for the rest of your career. Finding mentors is essential too. I've been blessed with some fantastic mentors in my career, and I look

• Cover