Rumor? Truth? Clarify, please!!

XO_Princess · #1 10-22-2001, 01:23 PM

Ok ya'll-I posted this in the Sigma Nu forum, but I don't think anyone ever looks there, so I'm posting here also...

My boyfriend is a Sigma Nu, and we heard a rumor that their Nationals is really in debt...like $1.5 million in debt. I hope I'm not offending anyone by postung this-but is this true?? If so, how did it happen? I'm asking because he's kind of worried about it...

Tom Earp · #2 10-22-2001, 04:52 PM

You may very well beleive it, as while I cannot speak for SN, it cost a lot of money to run the International Orgs and they like the rest depend on DONATIONS and DUES to keep the gears grinding!

We have paid ELC's Reps who come around and do chapter visits, mostly young men who just graduate and want to give back to the Fraternity, while others have Volunteers doing the same thing!

One of my Tobacco Reps for Kappa Sigma is a DGM, Rep, that spends his time working with their Chapters in a given area. One of my Brothers, wife is a regional rep. for Alpha Sigma Alpha and it is free time! I am sure other Greek Brothers and Sisters can agree.

I too would appreciate any feed back on how you do it!!!!!

aopirose · #3 10-22-2001, 05:09 PM

I can't speak on behalf of Sigma Nu but every organization runs into some sort of debt. It can happen very easily to an inter/national headquarters just like an individual chapter. IHQ does its budget based on so much income. If the income isn't there to cover expenses, it creates a debt. Sometimes the organization can make up for that particular loss with no real problems. Other times it can't especially if it is repeated.

For example, a chapter closes and IHQ takes over the house because they hold the mortgage. A couple of years down the road the same thing happens to two more chapters. The IHQ makes a decision to sell the houses because they are a liability but they have to take major losses on the sales. One house sold at a loss may not be a big deal but 3 houses at once can have dramatic affects.

In the grand scheme of things, $1.5 million is not a lot of money. IHQ may opt to raise national dues and/or increase its fundraising efforts.

33girl · #4 10-22-2001, 08:32 PM

XO_Princess,
Like aopirose said, a $1.5 million debt can happen really quickly. If your boyfriend is worried about it, he should ask the regional director or another alum who is in the know if they know anything about it. I applaud him for his concern and not just sticking his head in the sand.

Kevin · #5 02-26-2002, 02:58 AM

Speaking as a member of Sigma Nu....

I was actually at our HQ in Lexington Virginia this Summer. As far as what they tell us, they have lots of money and everything is running smoothly. We recently raised our candidate and initiate fees (for the first time in around 40 years I think) and are set to have another very large event in Toronto this Summer.

Sigma Nu does not behave like an organization that is in any kind of financial cruch. We have active expansion, education, recruitment, etc activities being run on a national scale by national advisors.

The state of Sigma Nu I believe you can rest assured is just fine. Don't believe rumours like that unless they come from the organization itself.

LHT,
Kevin Taylor
Treasurer
UCO Colony (Mu Tau as of March 9th)
MT#5 (as of March 9th)