Zeta Phi Beta Sorority IHQ Under Fire

[GangsterOfLove]

Originally posted by DSTCHAOS
If there aren't, are sorority houses the only real estate a IHQ can own?

lol

[kddani]

That website has a place for feedback on that article, and after reading what has been posted there, I can see that some members of Zeta Phi Beta are upset that this has become public. Others seem to be happy that it's being made public.

I can understand wanting to keep dirty laundry to yourselves. But this is more than just dirty laundry- it's a crime. It's also a public matter. Nonprofit organizations all undergo a great deal of scrutiny and are subject to very specific rules and regulations, by both the IRS and their state attorney generals. It goes along with the tax benefits. The accused, and anyone else who may have helped in the abuse of funds, was put in trust of the money. $400,000 is a LOT of money to a GLO.

If these allegations are true, and it seems like there's a lot of documentation, this may be an eye opener for all GLOs. Not only to have stricter regulations and policies for safeguarding the funds of the organization, but also to deter anyone else in a position of power in a GLO to think about doing something like this.

I'm sorry it had to happen to ZPhiB, and I feel for its members, but i'm glad that this is public. It is something that we should all be aware of.

[Rudey]

Originally posted by GangsterOfLove
I'm gonna let you figure that out, since this little exchange is about whether or not their organization owns any real estate. lol

Answer the question since you know so much.

Most GLOs have local corporations that own houses, not the IHQ. Many GLOs rent. And I doubt that any of the D9 have as many houses as other types of GLOs to begin with.

So really is there a vast empire of real estate in their portfolios creating a complex web of financial transactions? You know so much about ZPB so I thought you would know.

-Rudey

[DSTCHAOS]

Originally posted by Rudey
And I doubt that any of the D9 have as many houses as other types of GLOs to begin with.

-Rudey

In terms of undergraduate houses, Rudey is correct. So the question remains, are sorority houses (undergrad and alumnae level) the only kinds of properties that NHQ and IHQ can own.

[GangsterOfLove]

Originally posted by Rudey
Answer the question since you know so much.

Most GLOs have local corporations that own houses, not the IHQ. Many GLOs rent. And I doubt that any of the D9 have as many houses as other types of GLOs to begin with.

So really is there a vast empire of real estate in their portfolios creating a complex web of financial transactions? You know so much about ZPB so I thought you would know.

-Rudey

Who said anything about a vast empire? You said "...they don't have houses and real estate to worry about ..." You stand corrected. Now, run along. lol

[Wolfman]

Yes, the troubles that have been visited upon Zeta Phi Beta is a tragedy; but it's not unique. Even though, as we have seen in the recent accounting scandals in corporate america of late and other cases, this is serious problem in general, it's more disturbing in that it's a non-profit and BGLO. Without being PC here, as it concerns out HBCUs and other groups(e.g. churches,etc.), far too often many of our problems stem from someone looting the coffers,general mismanagement or financial malfeasance. In some cases there does seems to be a culture of entitlement in which leaders treat the organizations they lead as their personal fiefdoms where they use them for their own profit. Embarassing as this might be, this may be the thing that helps put the "fear of God" into our BGLO leaders, in order that we can actually fulfill out mandates of service and community empowerment. (An aside: A few years ago, former Virgina governor L. Douglas Wilder wanted to serve as president of his Alma Mater, Virginia Union University, and there were some who wanted to make this happen. But when Wilder, who ran a very tight ship administratively as governor, made it known that if he accepted the mantle of leadership at VUU, he would come in and clean house. Well, the powers that be at VUU balked. He's now mayor of Richmond,VA. )This should motivate ALL of us to demand more accountability in our groups!

[ladygreek]

Well said, Wolfman. Just an aside: this is not unique to the nonprofit world either.

[AKA2D '91]

Originally posted by Wolfman
(An aside: A few years ago, former Virgina governor L. Douglas Wilder wanted to serve as president of his Alma Mater, Virginia Union University, and there were some who wanted to make this happen. But when Wilder, who ran a very tight ship administratively as governor, made it known that if he accepted the mantle of leadership at VUU, he would come in and clean house. Well, the powers that be at VUU balked. He's now mayor of Richmond,VA. )This should motivate ALL of us to demand more accountability in our groups!

Yes. We're having those (alumni) issues...
July 2006, please hurry up! (sigh)

[Rudey]

Originally posted by GangsterOfLove
Who said anything about a vast empire? You said "...they don't have houses and real estate to worry about ..." You stand corrected. Now, run along. lol

And you said they owned houses at campuses.

I will pray for your sins.

-Rudey

[Rudey]

Originally posted by ladygreek
Well said, Wolfman. Just an aside: this is not unique to the nonprofit world either.

Of course not. Enron, Worldcom, Healthsouth...the list goes on.

My favorite is when a CEO used the word EBITDAB with me. I know what EBITDA is but evidently EBITDAB is Earnings before interest, taxes, depreciation, amortization and Bob.

-Rudey

[PiKA2001]

Originally posted by DSTCHAOS
In terms of undergraduate houses, Rudey is correct. So the question remains, are sorority houses (undergrad and alumnae level) the only kinds of properties that NHQ and IHQ can own.

Absolutely not. I sure that many HNQ and IHQ have investments that don't include chapter houses. Maybe in the aspect of owning land or whatnot.

[Boom_Quack13]

Originally posted by Rudey
Are there ZPB houses on campuses across the country, let alone ones owned by their IHQ?

-Rudey

Houses aren't the only form of real estate.

They do own their IHQ, which is a piece of prime real estate, located on New Hampshire Ave. in D.C.

[DeltAlum]

Don't some organizations help finance housing for certain chapters? That would make them owners until the loan is retired wouldn't it?

[Boom_Quack13]

Originally posted by Wolfman
Yes, the troubles that have been visited upon Zeta Phi Beta is a tragedy; but it's not unique. Even though, as we have seen in the recent accounting scandals in corporate america of late and other cases, this is serious problem in general, it's more disturbing in that it's a non-profit and BGLO. Without being PC here, as it concerns out HBCUs and other groups(e.g. churches,etc.), far too often many of our problems stem from someone looting the coffers,general mismanagement or financial malfeasance. In some cases there does seems to be a culture of entitlement in which leaders treat the organizations they lead as their personal fiefdoms where they use them for their own profit. Embarassing as this might be, this may be the thing that helps put the "fear of God" into our BGLO leaders, in order that we can actually fulfill out mandates of service and community empowerment. (An aside: A few years ago, former Virgina governor L. Douglas Wilder wanted to serve as president of his Alma Mater, Virginia Union University, and there were some who wanted to make this happen. But when Wilder, who ran a very tight ship administratively as governor, made it known that if he accepted the mantle of leadership at VUU, he would come in and clean house. Well, the powers that be at VUU balked. He's now mayor of Richmond,VA. )This should motivate ALL of us to demand more accountability in our groups!

While I understand where you are coming from, I don't see this as an issue exclusive to US.

It's a corporate issue, period. Our schools and churches aren't the only ones that suffer mismanagement of funds or senses of entitlement from the leadership.

[DSTCHAOS]

Originally posted by Boom_Quack13
While I understand where you are coming from, I don't see this as an issue exclusive to US.

It's a corporate issue, period. Our schools and churches aren't the only ones that suffer mismanagement of funds or senses of entitlement from the leadership.

He acknowledged that it is an overall problem. He said that it's more disturbing when it's non-profit and BGLO.

See sentence below:

"Even though, as we have seen in the recent accounting scandals in corporate america of late and other cases, this is serious problem in general, it's more disturbing in that it's a non-profit and BGLO."