Kappa Kappa Gamma - The Ohio State University

The Status of 55 East 15th Avenue When the chapter was suspended in April, we had just finished the core construction phase of our renovation and expansion project a few months before. We had narrowly surpassed the point in the capital campaign where we had collected enough to pay for core construction expenses that weren't covered by our project loan and were transitioning to next steps in the project plan that were to be completed as fundraising progressed. Then, as you know, everything stopped. The House Board quickly pivoted from working on the plan to finish our project to a plan that would ensure our home remained ours. After much research, negotiation, and effort, I am delighted to report that the chapter house will, without a doubt, be ours for years and years into the future. Hallelujah! Lease Agreement with OSU We briefly mentioned in May that we had begun working on a lease agreement with Ohio State to rent the home over the next five years. The benefits of being in a lease with Ohio State are: 1. They are superb caretakers of residence hall-style buildings. They currently manage seven Greek properties, including ours. They are attentive, resourceful, and professional. We have the utmost confidence in their ability to care for our home. 2. Our financial stability hinges on the house being full, and they are uniquely positioned to fill the house while the chapter is not occupying it. Their connection to large groups and organizations that want to live in an academic environment is the best of any rental agency in town. Finding a tenant with 76 residents is no small feat! 3. They collect rent from tenants with tuition (including actives once Beta Nu is back in the home), making delinquencies and collections a thing of the past! 4. They essentially float our finances throughout the school year—giving us much-needed time to collect the revenue we'll need to cover our expenses. (This is critical, especially in the next three years.) However, one of the challenges of our lease agreement with Ohio State, and part of the reason why it took so long to execute, is that the financial arrangement is a bit unorthodox. As a public institution, Ohio State may not make or lose any money on a lease of this kind. Therefore, the agreement is that throughout the school year, they collect all rent and pay all expenses (except for fundraising and other minor corporate expenses, which we are directly responsible for). Every June, we settle up. If they collect more rent than they pay in expenses, they cut us a check for the difference. And conversely, if they collect less rent than they pay in expenses, we owe them the balance. BETA NU BULLETIN Kappa Kappa Gamma • The Ohio State University Fall 2015 Beta Nu Campaign Update (Continued on page 2) BETA NU NOTES Annual Meeting Wednesday, November 4 th 6:30pm at the chapter house RSVP no later than October 28 to Jenna Wlotzko '08 at kkg.bnba.vicepresident@gmail.com. Beta Nu Scholarships There are 17 Beta Nu scholarships worth $3,000 each that will go ungranted this year. E-mail Ali Brown '10 at abrown@kkg.org if you are in a graduate program and would like to apply.

• Cover