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YES! The Mu Alpha Chapter of Alpha Phi Omega at Georgetown University has formals.
We call them "New Bro/Sis" which is short for "New Brother/Sister Party." Once a semester is Mu Alpha Week, which I guess would be equivalent to "I-Week" in a social fraternity. Anyway, We have initiation on Saturday night of Mu Alpha Week and then we have a formal party with a DJ and highly legal and regulated beverage consumption. Brothers and their dates or spouses are invited. Of course, they have to stand outside during the initiation part.
Since this happens once a semester, we usually have it in one of the formal lounges on campus. However, every few semesters, the undergrads (in conjunction with the chapter alumni association) can afford to have it at an embassy or a hotel. Our 45th Anniversary celebration was at the Key Bridge Marriott.
Also, since our formal events are basically the same time every semester, that's also when we celebrate our major anniversaries. A lot easier to plan events when the alums will already be there.
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