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In the past, alumni for my chapter just gave the chapter money...which was VERY bad because it often did not go towards a productive aspect of the chapter. Many alumni became bitter that their donations were not recognized, used inappropriately, or simply disappeared.
Now we have an Alumni Assoc. that serves as a "clearinghouse" of sorts for all alumni donations. Alumni give money to the Alumni Assoc., and the Alumni Assoc. doles it out to the Chapter for specific areas of programming - rush, scholarship, leadership conference costs, etc. The Alumni Assoc. also splits the cost of production of the alumni newsletter with the chapter. At the end of the fiscal year, the money remaining in the Alumni Assoc. account is tallied, and 15% is placed in the housing fund and the remaining amount it rolled over for the next year.
The Housing fund is even more secure than the Alumni Assoc. fund because it requires full approval of the Housing Corp. board to take out any money. As alumni donate to the Housing Fund, the account balance is reflected on a website so alumni can see it grow. Once the fund reaches a predetermined goal with any money be taken from that fund for use to purchase or build a house.
Ideally, all alumni would contribute both money and time to the fraternity. But we all know how unlikely that is. As long as there are comparable levels of donations versus actual alumni participation, then I think it balances out fine. The key is to identify and cultivate those alumni according to what they are more likely to contribute - money or time - and use each group as best as possible.
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