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Psi Chapter Homecoming 2004 Meeting Minutes
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Facilitators: |
S. Dean Lesiak ’74 #1033, President, Charitable Foundation Deno Emili ’78 #1100, President, Psi Diamond Association |
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Note taker: |
Byron Shindler ’77 #1073, Webmaster |
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Attendees: |
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Proceedings
Three meetings were held consecutively:
- Psi Diamond Association Charitable Foundation, Inc.
- Psi Chapter House Corporation
- Psi Diamond Association
9:30AM - Psi Diamond Association Charitable Foundation, Inc
Dean Lesiak, President of the Psi Diamond Association Charitable Foundation, Inc. (CF), who served as Chairman, called the meeting to order and noted a quorum was present. The Chairman asked that all brothers attending sign the waiver of notice to allow us to conduct activities without due notice as required under the laws of the state of West Virginia. All agreed.
Dean reports the CF is in good standing. Brother Douglas Selwyn (1044) updated the documentation for the State of WV. Tax filings for the state and federal government are current. The foundation is recognized as an IRC Section 501(c)(3) tax exempt corporation.
The by-laws will need to be revised for the college and the general fraternity prior to recolonization. An annual meeting of the board of directors is planned for this spring to conduct business of the corporation.
Scott Thompson (1108), Treasurer, reports a $477,000 balance in the Bank One account. We are looking to change from Bank One at this time for improved reporting now that our documentation is current. We may outsource the service of the account. The allocation of the account is 82% in equities, bonds, and other securities. The performance for the 2004 year was 4.7%.
The distributions in 2004 included the following:
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Amount |
Recipient |
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20,000 |
Psi Chapter House Corporation |
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1,000 |
Brother Young Scholarship (BC) |
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1,000 |
Bethany College |
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1,000 |
Forest H. Kirkpatrick Fund |
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2,000 |
General Fraternity |
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25,000 |
Total |
[discussion ensued regarding the role of the CF]
The CF is the largest contributor to Psi. The goal is to recharge the Psi Diamond Association.
Ted Kemp (707) adds the CF has a 5% distribution requirement per year.
Dean reports the CF had $575,000 in assets at its highest point. The CF earns from $20,000 to $25,000 per year. The HC Mortgage was paid off in 2002 by the CF. Other distributions in 2003 were necessary to pay HC bills in arrears.
Dean reports the goals of the CF for 2005 are to:
- Improve record keeping
- Insure proper procedures and compliance with by-laws
- Assist with the recolonization of Psi Chapter
- Increase involvement at all levels
Blake Rowe (1045) asks how transactions are made. Dean replies the investment committee decides the distribution and two signatures are required to authorize a distribution. Denny Pavan (1016) asks if a management firm has been considered. Dean reports that it has and this is currently under review by the investment committee. We need additional input in this regard. A $500,000 has limited choices with a trust operation.
[discussion ensued regarding the need and means to secure additional involvement from the alumni]
Dean adds that participation and voting membership require a contribution to the CF.
“Buck” Smith, President of Bethany College joins the meeting and spoke about recruiting, endowment, and the state of the Bethany College. Recruiting is up sharply. We have a very strong incoming class in 2004 and expect continued improvement in 2005. Buck told a very touching story about his friendship with Brother Forrest H. Kirkpatrick (365) and how much Beta Theta Pi meant to FHK. He mentioned recent conversations with Brother Rod Hurl (662) in which the state of the college prior to 2004 was discussed. Buck emphasized that he did not accept the presidency to discuss, confirm, or deny the actions of the previous leadership. His job is to move the college forward. Buck reports his support of the recolonization effort and is excited about the potential return of Beta Theta Pi to the campus.
Upon motion made and seconded, and duly carried, the meeting was adjourned at 10:45 a.m.
10:55AM – Psi Chapter House Corp.
Art Musicaro, President of the Psi Chapter House Corporation (HC), who served as Chairman, called the meeting to order and noted a quorum was present. The chapter house is in need of repair and additional estimates will be prepared. Repairs may require $25,000 including $9,000 is painting. This does not include furniture replacement. The annual operating goal is from $10,000 to $12,000. Art asks that anyone wishing to help with the chapter house or the HC to get in touch with him. Art reports the bank account balance is approximately $7,000 as of this meeting.
The chapter house is to be closed over the winter to keep costs as low as possible.
Upon motion made and seconded, and duly carried, the meeting was adjourned at 11:15 a.m.
11:25AM – Psi Diamond Association
Deno Emili opened the PD meeting and introduced guest speakers.
James Cramer, Coordinator of Greek Life at Bethany College spoke to the group and re-enforced President Smith’s comments about the desire to continue and improve the Greek system at Bethany and to be involved in the recolonization effort. He asked that we use him as a resource to work with the college on the recolonization project. He adds that recolonization is an opportunity to establish the chapter in our vision.
Elizabeth Shelly, Director of Student Life at Bethany College spoke to the group and described the willingness of the college to assist in the recolonization effort. She recruited James for re-charging the Greek system at Bethany. She stated that, “We can all work together to improve the system.”
Deno reports the PD needs contributions from those brothers who have not yet contributed and are planning to stay in the Psi Chapter House this weekend. We expect to raise $4,500 for Homecoming 2004. The class of 1979 is handling the tailgate catering this year. They were given a distribution of $1,000 from PD to assist with the event to be held later today.
Blake Rowe and the recolonization committee presented a plaque to Byron Shindler for his effort on the committee and the web site. He made Byron promise to put this on the web site.
Jeff Rundle, Director of Operations and Education at Beta Theta Pi spoke to the group and presented the Psi Recolonization Manual (available on the web site). The manual includes a timeline, the requirements from the Alumni, Bethany College, and the General Fraternity. Jeff indicated a recolonization in the fall of 2006 is possible with a commitment from Psi by the end of the academic year (May 2005). A “recruitment through scholarship” fund of $1,500 is required along with a balance of $10,000 in the Psi Chapter Fund. The manual presents the requirements of all parties and the roles of the advisory positions. Examples and a checklist are also included.
Jeff clarifies the chapter house must be alcohol free under the “Men of Principle” initiative. However, this does not mean the members are alcohol free. It only means the house is alcohol free.
Denny Pavan asks how a “hell week” fits into the process. Jeff replies the GF supervises a very different initiation process which we must learn. The Shepardson ending is no longer used.
The question was raised about the number of new members. Jeff replies the usual number of founding fathers is 20 to 30, but this depends on the size of the school. It is not restricted. The Psi Chapter economic “break-even’ is about 15 members.
Jeff reports ongoing support continues after the recolonization process. There is usually a “hand-off” to the Psi advisory team within 2 months. However, the process is fluid and can vary as required.
[discussion ensued about the roles of the CF, HC, and PD]
Jeff reports the CF, HC, and PD organizations make Psi well suited to perform the required roles. Jeff adds the recolonization process is “in sync” with the goals of the college.
The meeting concluded with various class members volunteering to assist with fund raising as follows:
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Dean Lesiak |
1,000 |
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Deno Emili |
500 |
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Class of ‘74 |
1,000 |
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Class of ‘75 |
1,000 |
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Class of ’77 |
1,000 |
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Class of ‘78 |
1,000 |
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Class of ‘79 |
1,000 |
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Total |
6,500 |
Deno closes the meeting, thanking all of the attendees, and announces the Psi tailgate event hosted by the “Class of 79” is located in the “Health and Wellness Center” parking lot across the footbridge from the field house. This is so we can park the motor home which was secured to host the event.
End of meeting 12:30PM ET