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405 KENTUCKY TODAY
I
t is quickly approaching 20 years since our last major
investment in 405 Kentucky. Even with the extensive renovation
in 2007, our 110-year-old home housing 60 men annually has
ongoing needs. These costs put extensive pressure on the Alumni
and Volunteer Corporation as well as the chapter. Eliminating the
current $1.5 million mortgage will allow the AVC to address normal
maintenance and strategically plan for capital expenditures that
recur every 10 to 15 years. A debt-free facility will allow the AVC
to strategically plan for the next major renovation or a decision to
build a new chapter house.
CURRENT MORTGAGE/OUR GOAL: $1.5 MILLION
• Increasing maintenance costs: The annual maintenance of a
1914 building is approximately $100,000. In the last two
years, the rotted kitchen floor had to be replaced, two new
air conditioning units were installed, and the brickwork at
the front door was fixed. It has been nearly 20 years since
the last renovation, and additional cash flow is paramount to
keeping the house functioning.
• Maintaining academic standards: Retirement of debt reduces
overall operating expenses, in turn allowing highly competitive
room and board rates and a comfortable in-house population. It
will allow us to recruit only the best and brightest potential new
members and not be forced to extend membership to fill a bed.
• Non-competitive facility: Our chapter house does not compete
with other fraternities' new houses or recent renovations,
new dorms, and apartment complexes in Columbia. We will
need a major renovation in the future, but our debt hampers
us from properly saving toward it.
• Unexpected events: In 2020, Mizzou shut down and many
Greek organizations faced a loss of income for several months.
Debt elimination would place us in a financial position to bear
other unexpected events that may arise in the future.
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SigEp MO Alpha
