Delta Tau Delta Housing

1
Delta Tau Delta Housing

• Renovation and Improvement Strategies and
  Discussion

2
Delta Tau Delta Housing

• Andy L. Longo
• Director of Residential Life
• Delta Tau Delta Fraternity, October 2004
• Lambda Chi Alpha 1998-2003
• University of Oklahoma 1992-1998
• Graduate School/Army 1988-1991
• Teacher 1984-1988
• BS Secondary Education, Social Studies, Bowling
  Green, 1984
• MA, MS College Student Personnel/Guidance
  Counseling, Bowling Green, 1990

3
Basic Steps to a Chapter House Renovation

• Recruit a renovation committee
• Create list of possible projects - what do you
  want to do? Conduct an existing conditions
  survey
• Establish costs
• Determine project goals
• Explore financing - how are you going to pay for
  it?

4
Basic Steps to a Chapter House Renovation

• If necessary, select a professional fundraiser
• Complete fundraising feasibility study
• Determine final project based on funds
  available
• Determine construction timetable
• Secure financing

5
Basic Steps to a Chapter House Renovation

• 11. Begin fundraising
• Select contractor
• Begin construction
• Arrange, if necessary, for alternate housing

6
Delta Tau Delta Housing

• Timeline Renovation project assuming work
  begins when school ends for the 04-05 year
• July-September Identify Project/Survey
• September November Bids
• October November Financing Options
• December January Loan Paperwork
• March April Loan Secured
• May June Work Begins

7
Delta Tau Delta Loyalty Fund

• The Loyalty and Centennial Development funds are
  the endowment funds of the Fraternity.  These
  funds provide mortgage loans to house
  corporations for chapters acquiring, building or
  renovating their shelters
• Competitive interest rates
• 15/20 year loans
• Funds stay in the Fraternity family
• 500 application fee
• Appraisal typically not needed
• House Corporation pays closing costs
• Close is handled locally for convenience of house
  corporation officers
• Proof of existence of a house corporation
  current and certified copy of the house
  corporation by-laws and the articles of
  incorporation must be submitted.
• Certificate of good standing as a house
  corporation in your state.
• Copy of the resolution of the Board of Directors
  of the borrowing corporation authorizing the
  loan.

8
What can you use the funds for?

• Curb appeal Siding, Landscaping, Painting,
  Fencing
•  
• Structural repairs Roof, Foundation, Windows,
  Masonry repairs
•  
• Health and safety - Sprinkler systems, Fire
  alarms
•  
• Interior updates - Ethernet service, Electrical
  updating, Heating and air-conditioning,
  Furniture, Build lofts, Creating more space
• Painting, Floor coverings, Kitchen remodeling and
  updates, Plumbing

9
Loyalty Loan Process

• Application Received Day 1
• 10-15 Days, Tentative Approval Day 10
• Review and Comment/Interest Rate Day 21
• Board Motion Day 22
• Contact Title Company Day 24
• Collect Needed Documents Day 25-55
• Documents Prepared
• Close/Money Wired Day 56-60

10
Assumptions

• Communication is timely.
• House Corporation budget discussion and changes
  are minor.
• Articles of Incorporation, current copy of
  bylaws, and local board resolution to borrow are
  available.
• The title paperwork is clean.
• Taxes are paid.
• The house corporation can afford the loan.
• The Fraternity Board of Directors approves the
  loan.

11

• What questions to you have?