As
of 8/9/03 the Loan on the House is paid off. No bank liens against the
property. All bills and taxes are current. No loans to banks or
ANY individuals.
Current
Debt: Zero
(No Debt at this time 08/18/2011).
2.
Current Situation
Alumni Financial Report
The
Alumni checking account includes dues and donations from alumni as well as
student payments.The current room
rental rate at the Delta Delta Pi Fraternity is $300 per room with a total of 4
rooms.The two main expenses that
come out of the alumni account are the house insurance and the property taxes.The house insurance is paid every January and the property taxes are paid
in September and in March of each year.For
the year September 2010 – March 2011 the Alumni has paid the following for
Insurance and Property Taxes:
Property Taxes due September 2010 (status paid) $2,471.00
House Insurance due January 2011 (status paid) $2,651.25
Property Taxes due March 2011(status paid) $2,471.00
The next property tax installments
are due September 2011 and March 2011 in the amounts of $3,298 and $3,298 for a
total of $6,596.House insurance is
not due again until January 2012 with the estimated total is $3,000.
The property taxes have increased by $1,654.After a recent call to the county assessor’s office we have learned
that the property has recently been reevaluated and compared to comparable
properties in the area, the assessor “feels” that the increase (over
$40,000) in property value is fair and justified.We are disputing the excessive tax increase and the increase in the
property value. Channing Bolick, met with the Scott County property
appraiser on 8/11/2011 at this meeting I was able to get the appraiser to lower
the assessed value of the house and to changed the assessment category from
Commercial to Residential millage rate. The combined changes should cut
the property taxes by an estimated 50%. The final calculations will be
done by 8/25/2011, but they don't load any updated to the computer tax system
until April of 2012. So this does not help the current taxes due in Sept
of 2011 and March of 2012. The student treasurer is contacting the local assemblyman
to try and get these changes to take effect immediately and lower our tax bill
right away. Hopefully, we will be able to accomplish this. In the
meantime we must plan on having to pay the current tax bill as a worst case scenario,
but it will be much more manageable moving forward.
For the past year the Alumni Association has been making
desperately needed remodeling and repairs to the Delta Delta Pi Fraternity
property. The repairs that have been made are various electrical repairs to the
security lightening, replaced the basement doors, new shower surround in the
back upstairs bath, new electronic lock for the back door, boiler repair (this
will need to be replaced in about 2 years), finished back bathroom shower,
repaired things in the upstairs kitchen, replaced sink in the front upstairs
bathroom, repaired back driveway and did other various room repairs.Once again, we owe Dr. JJ Milan a debt of gratitude for all that he has
done.
Student Financial Report
The
house currently has monthly expenses totaling $1,677.The breakdown of the monthly expenses for the house is:
House Current Monthly Expenses
MidAmerican Energy539
Clean Water Act Fee38
Qwest Communications40
Iowa American Water70
Millennium Waste120
City of Davenport (Sewer)70
Alumni Association (taxes,
insurance)800
Total Monthly Expenses
$1,677
The
total yearly expenses for the house are $21,324 (This includes pledging).
Forward Planning
In
order for the student organization to sustain itself without fundraiser
profits they need a minimum of 19 dues paying members and all four rooms rented
at all times.
19 dues paying members (19x $125x 3tri’s) = $7,125/year
All 4 rooms rented @ $300/month = $14,400/year
Income potential= $21,525/year
The
house expenditures against the income potential of having 19 dues paying members
and all four rooms rented leaves $201.00 of wiggle room.
There
are currently 21 active members and 2 rooms rented..Only one of the rooms has
been a dependable income source. The balance in the student checking account is
$1,101.07.The transactions that
have occurred since August 2010 are shown on the attached register.
21 dues paying members (21x $125x 3tri’s) =$ 7,875/year
Estimated $450 per month room rental =$ 5,400/year
----------------
Current
Income Estimate$13,275 /year
Current Budget$21,324 /year
----------------
Predicted
Shortfall without changes$(8,049) /year
3.
Student Executive Council Plan 2011 to 2012
Financial:
Primary goal of economizing house
expenses.
Get active members to 30+
Getting all rooms rented and revenue
producing, primary target, 1st tri and pre-chiro. Students.
Second floor to become residents only area. PRIVACY ISSUES to be
ADDRESSED! Possibility of forgiving
or reducing first month rent in exchange for room or resident area improvement,
with paid deposit and signed lease.
Planned
Fundraisers:
Targeting 1st tri students with needed supplies as money
raisers.
Dr. Carpenter (faculty advisor) is researching a discount card for 1st
tri, primarily
Members will recruit local business for sponsorship. Sales to all palmer
campus, good for a year. Annual money make
Repeat hog roast
in summer tri. with raffle $$$$ gift cards.
Spring Fling in
spring tri.
Fall themed
party 50/50 raffle, Winter tri.
After boards
party. Donation admission in September and March
Rental of
chapter room out to organizations for a fee. Nutrition and chiro techniques
-Promote to alternate techniques, mainstream, that are not part of Palmer package.
Membership:
Improve morale and work to
minimize infighting.
Pledging schedule: 2 pledge
classes each tri with the exception of the summer tri due to National Board
conflicts.
Pledging to be administered as per pledging bible.Major points adhered to as written.
Study time with upper tri members for
pledges.
Recruitment as a “co-educational, well
rounded and social network for ALL chiropractic disciplines.” Family life, not
just your years at Palmer.
We have the most active Alumni Association
at Palmer and in the Quad-cities.
4.
What you can do to Help:
Please pay your yearly Alumni Dues and/or donate to
one of our House improvement projects.
