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Re: Holding onto houses when chapter is dormant
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Originally posted by Rudey
I'm really interested in reading about this since it happens often.
Do fraternities and sororities make good money by renting to the university or other GLOs?
Who takes care of the upkeep and does it make for any tangly risk management issues ever?
-Rudey
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Phi Mu chapter houses are owned by individual house corporations. They choose to keep or sell the house when a chapter ceases operation. For example, we still have a house at UCLA and the house corporation rents it out. They make a profit enough that the house now has no mortgage. They maintain the property and have the necessary insurances.
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"Pam" Bäckström, DY '81, WSU, Dayton, OH - Bloomington, IN Phi Mu - Love.Honor.Truth - 1852 - Imagine.Believe.Achieve - 2013 - 161Years of Wonderful - Proud to be a member of the Macon Magnolias - Phi Mu + Alpha Delta Pi
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