SECURE
THE FUTURE
I
n 2016, the culmination of years of work and
dedication from generous alumni resulted in
the completion of a $2.4 million chapter house for
Gamma Tau. The new house has had a positive
impact, as Gamma Tau Chapter continues to
recruit the majority of the men who go out for
recruitment each year. $1.7 million was raised,
and the difference was rolled into a mortgage.
ΘX BUILDING
CORPORATION FINANCES
INCREASE IN PROPERTY TAXES
Over the last few years, property taxes drastically
increased for the house. An increase from $4,000
to $35,000 has added pressure on the finances for
the house. This equates to approximately $1,000
per undergraduate living in the house each year.
While the chapter is in a good financial position,
any significant variable could impact the solvency
of the chapter.
The house has been central to the growth and
development of our brothers while also facilitating
a place to develop those lifelong relationships
we cherish to this day. We must maintain our
presence at Drake and be a lasting fixture in the
Greek community.
OUR GOAL
49% of income spent on debt and property taxes
$800,000 remaining on
the mortgage at 4.5%
$78,000 annually
to service the debt
$40,000 in property taxes
2025 balloon payment
$800,000
to Retire
the Debt
350,000
Reserves in
ΘX Building
Corporation
$350,000
Reserves
Helping Hand
Foundation
