Quote:
Originally Posted by Kevin
You'd be referring to every single NIC organization I know of with the exception of Lambda Chi Alpha. In my chapter's case, to buy a house, we have to form our own corporation, obtain 501(c)(10) status from the IRS, which is no small undertaking, and obtain a mortgage. We are unlikely to be able to obtain a mortgage without some folks personally guaranteeing the loan.
Yeah, it's pretty unbelievable to me that we have organizations which are 150+ years old which still do not have national house corporations. Nope. We prefer to reinvent the wheel at every single one of our chapters.
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Kappa Delta has individual house corporations, but our mortgages are guaranteed by national. Surprised that so many orgs have not been vigilant about reducing liability for alumni.
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