Gamma-Kappa Receives Support From Founders Housing Fund
Through years of hard work and determination, the Gamma-Kappa chapter at Indiana University recently moved into their new Fraternity house. They did so with the support of the Founders Housing Fund.
"The Founders Housing Fund (FHF) is excited for the opportunity to assist Gamma-Kappa in its leasing of a competitive chapter house on the Indiana University campus. The revitalization of FHF demonstrates TKE's commitment to provide advice and support of existing and new chapter houses. The FHF Board is committed to use its experience and expertise to maximize the available resources to assist chapters obtain and retain safe, affordable and competitive housing. As the financial resources of FHF grow, the Board looks forward to expanding the breadth and depth of its support for TKE chapter housing," said Frater John Courson, Chairman of the Founders Housing Fund.
The Founders Housing Fund guaranteed $340,000 of their three year, $1,300,000 lease. Meaning they would pay the landlord up to $340,000 if the Gamma-Kappa chapter were to default on their payments.
Assuming the chapter pays their rent, The Founders Housing Fund won’t need to pay for anything. However, it’s still nice to have that support.
“We are incredibly thankful to the the board members of the Founders Housing Fund, Donnie Aldrich, Greg Roskopf, and Cory Martin for their continued support during this process,” said Chris Carlton, Prytanis of the Gamma-Kappa chapter.
Frater Chris first heard about the FHF prior to his role as Prytanis.
“I always knew it existed from my term as Crysophylos and I saw that we paid $10 per person per semester into it. We never knew how to access it or what it was really used for. Cory Martin helped bring our chapter and the Founders Housing fund together when we started the process this summer.”
Since first becoming a colony in the fall of 2012 and becoming a recognized chapter in the spring of 2014, the men of Gamma-Kappa worked tirelessly to re-charter and have a Fraternity house of their own. That dream became a reality last February when Brett Fishman (Housing Chair), Ross Grimes (Chapter Advisor), and Chris met with their future landlord for about two hours.
They presented a proposal over 130 pages long detailing their successes, risk policies, and more. Unfortunately, they weren’t his first choice and his corporation wanted to work with another Greek organization instead.
However, in May the chapter received an email from the landlord saying that the house was once again available. They began working on the chapter’s finances to create a new proposal and they were selected to enter into negotiations for the house.
“From late May until the beginning of August, Cory Martin, Brett Fishman (Housing Chair), Matthew Shute (past Prytanis and current Housing Director), and I worked tirelessly to get our chapter into the house. We constructed pro forma financial statements, helped members find subleases, rushed, talked with alumni, worked with Headquarters, negotiated with the landlord, created individual leases, created an LLC, and more,” said Carlton.
With all their hard-work that went into getting this new house, the chapter is definitely enjoying the benefits of it.
“The main thing I love about our new house is that it provides us with a common space to all go and hang out, play basketball, enjoy meals together, and just in general have a good time. Our brotherhood was already really close and having this house has just made us closer,” said Carlton.
The chapter is definitely deserving of their new house. Over the past two years they’ve earned two Top Teke awards, two individual Top Teke awards, and have sent two members to TKE Leadership Academy.
Although his chapter received support from the Founders Housing Fund, Frater Chris suggests that only certain chapters that are truly worthy should reach out to the FHF.
“I don't want other chapters to see this as a gift that's just available to anyone. The funds used to guarantee our lease is something that was earned over a long period of hard work. I recommend that top performing chapters with the right infrastructure reach out to the Founders Housing Fund. I also encourage all chapters in such a position to reach out to us with any questions you may have. We were blessed to have the right people around us and supporting us. We would be more than happy to help anyone and everyone in a similar situation,” said Carlton.
For more information about the Founders Housing Fund, please visit tke.org/housing