OUR NEED FOR ACTION
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n 2016, the culmination of years of work and dedication from
generous alumni resulted in the completion of a new chapter house
for Gamma Tau. The new house has had a positive impact for the
chapter, as Gamma Tau continues to recruit the majority of the men who
go out for recruitment each year. There are external factors impacting
the financial security of the chapter, however, that must be addressed.
OUR CHALLENGES:
Declining Enrollment at Drake University
Throughout the last 10 years, the number of students
attending Drake has been on a steady decline. In 2013-14,
there were 3,383 undergraduates, and in 2023-24, there is
projected to be 2,954. Furthermore, 297 men made up the
freshman undergraduate class this year. The traditional pool
of students the chapter recruits from is getting smaller. The chapter
should position itself to be able to adapt and weather fluctuations in
recruitment classes.
Increase in Property Taxes
Over the last few years, annual property taxes drastically
increased from $7,000 to $40,000. While we continue to
appeal the valuation with limited success, the increase
has added pressure on the finances for the house. We are
still in a good financial position, but we need to be prepared
for any other significant variables to protect the solvency of the chapter.
Mold Issue
While the House we constructed in 2015 is beautiful,
unfortunately, the HVAC system was flawed. The
design and construction were substandard, but
we could sue and reach a settlement with the builder
for $225,000. The remediation and repair work cost the fraternity
about $325,000, so OX Building Corporation has had to deal with
that shortfall. The system has been retrofitted with air-handling
units to treat the air before entering the building.
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