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We have a taco feed at our house every year.
The best philanthropy's I've been to have all had food, or were sports events. If you go the food route, you should have it on Thursday night (assuming that IU is like Nebraska where the weekend adn the drinking begin on Thursday - I know that's not the case everywhere) and it should go until at least 2. That's usually how we handle the events is to get wasted adn then come back to campus and eat. Ideas for food include: Pancakes, buffalo wings (this was a real popular one), tacos, ice cream, hot dogs, sub sandwiches, or something else that wouldn't be too expensive to procure. Donations from local businesses will help. Then just go sell tickets throughout the sorority houses, and dorms in advance and let the people come.
If you decide to run tournament for the sororities make it somethign fun. Here Kappa Kappa Gamma has a soccer tournament, ATO has softball for the sororities, KD has a flag football tournament, APhi has a golf tournament, while Phi Mu has a pitch tournament (poorly attended from what I heard). Other ideas for a sport might be kickball (that's the the gamma phis do at Kansas) Basketball, croquet(???) swimming (although this is similar to DG's Anchor Splash) or volleyball. The best way to do it is to have the sororities make teams (perhaps by pledge class) and then have your guys "coach" the teams. I personally think, that if youre able to get teams set up by year in school, it'd be great to make sure the coaches were the same year. That way you get to meet people. (in the APhi golf, the girls caddy)
There are a couple of other philanthropies that go on here, but I'm not sure exactly how they earn money. Lambda Chi has a trampoline-a-thon, and some one else has a hot tub-a-thon.
good luck
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