My chapter has always done a newsletter but it was really for the benefit of the actives (remember our social at TKE is next Wednesday, caroling with SigEp is December 10th, dues are due November 1st) and the alumnae didn't really get anything out of it. They changed up the format this semester to include an alumnae news section, and the recent alumnae like myself are so excited about it that $450 has already been pledged to the chapter - and this means a lot to a chapter that has an operating budget of around $2500!
