| LaneSig |
02-06-2024 02:17 PM |
Quote:
Originally Posted by PKT4LIFE
(Post 2501760)
I was shocked to read that the HQ was willing to offer a bridge loan for the huge pending debt. Is this a common practice?
My organization, if you don't pay your debt, you'll eventually will be closed AND in order for that closed chapter to recolonize in the future, all previous debts must be paid off.
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Quote:
Originally Posted by Sciencewoman
(Post 2503448)
It's not my business, but I hope they're held to paying the debt they accrued with Pi Phi and that Pi Phi has legal recourse to recoup the chapter's and house board's assets. It seems like this is all about "walking away" and avoiding that financial responsibility. The real world doesn't work that way.
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Sidenote:
In Sigma Chi, if your chapter closes (either voluntarily or involuntarily) and the Fraternity returns to campus at a later date; any moneys owed by the original chapter members are now the responsibility of the new chapter members (not personal dues, but other chapter financials). Some associate chapters are in debt right away for about $400 or so. Others are on the hook for a butt-load of money. Usually, alumni will pitch in to help out. |
