Xi Omega Alumni Association|
Xi Omega Alumni Association |
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This was mailed to every brother and little sister on record.
August 28, 2010
Dear Fraters & Little Sisters:My name is Tim Murray (#235) and I am President of the newly formed Xi Omega Alumni Association (XOAA), established to support the active TKE chapter at Virginia Tech and to help ensure the survival of the TKE house on Ramble Road (aka “The Barn”). If this is the first communication you have received from XOAA regarding the status of the chapter (because we don't have your current email address or our emails got blocked by a SPAM filter), there is much to tell. But to keep it as brief as possible, here is an executive summary... Ten years ago in 2000, we paid off the original mortgage for The Barn. Several years later, it was determined that in its current condition, The Barn was close to being uninhabitable (some would say it was always that way, but I'll go on...). The Blacksburg Alumni of TKE (BATI) and the active chapter jointly decided to embark on a major renovation and rebuild with 12 bedrooms (which was the maximum allowed by town ordinance without a prohibitively expensive sprinkler system) and 6 shared bathrooms. After several unanticipated town zoning & ordinance issues (like an unexpected $15,000 sewer line), the rebuild was completed in 2003. Unfortunately, the additional expenditures coupled with an oppressive $500,000 commercial loan at 8.2%, created a difficult cash flow situation which we struggle with today. Without the TKE house full - difficult in recent years - expenses exceed income. Then last school year, the active chapter was suspended by Virginia Tech for two years for several rules violations, one of which involved underage drinking. This devastating news, along with the anticipated increased room vacancies at The Barn, prompted BATI to hold emergency meetings to discuss the future of The Barn and Xi Omega chapter itself. After many conference calls, it was decided that we were not going to let this setback force us to sell The Barn, nor were we going to sit back and let Xi Omega Chapter fade away. In the past few months, the Alumni and active brothers (along with Little Sisters) have accomplished much to address this challenge to include: · A new much larger BATI Board and working group was formed to support The Barn and to continue as landlord. Below are the current group members: Tony Lovelace, #194, Chairman, BATI Board Bob Altizer, #1, BATI Board Gary Michel, #195, BATI Board Scott Steiger, #215, BATI Board Pat Coll, #220, BATI Board Eric Ide, #229 BATI Board Tim Murray, #235, BATI Board Brad Ritter, #236, BATI Board Tammy Bagnato, Little Sister, BATI Board Keith Whitner, #250, BATI Board Shawn O'Dowd, #280, BATI Board Glynn LoPresti, #430, BATI Board Robert Crawford Blumel, #455, BATI Board Josh Lawrence, #513, BATI Board Christen Dellett, #520, BATI Board Ted Guilaran, #335 Pat Murtaugh, #490 Tom Kuhn, #624 Peter Cibelli, #643, most recent past Prytanis William Franco, #670 Mark Mazzie, #680, current Prytanis With this new board, now is an appropriate time to thank former BATI Chair Phil Edwards, #515 for his tireless efforts over the last 10 years. Without his leadership, the TKE house - and probably the chapter itself - would not exist. Thank you, Phil! · A new Alumni Association (XOAA) was established and chartered with TKE International with the mission of increasing communications with the alumni (thus this letter, multiple emails, XOAA.org, and a Xi Omega FaceBook page), planning events throughout the year in Blacksburg and other venues (see flyer on 30th TKE House Reunion and Tailgate party at FedEx Field for the Boise State game), and providing support to the active brotherhood. The current executive committee:
President: Tim Murray, #235 Vice President: Brad Ritter, #236 Secretary: Pat Coll, #220 Treasurer: Scott Steiger, #215 Communications Chair: Ted Guilaran, #335 Social Chair: Tammy Bagnato, Little Sister BATI Representative: Eric Ide, #229 Chapter Representative: Tom Kuhn, #624 · Paperwork for a new LLC is being drawn up (with guidance from a corporate attorney and accountant) to form a separate entity made up entirely of TKE Xi Omega alumni and TKE Xi Omega Little Sister alumnae. The LLC’s purpose is to assist BATI in its financial goals and support the current chapter. The immediate goal of this LLC is to raise $600,000 in the next 12 -18 months and then lend this capital to BATI at the lowest rate allowed by the IRS. BATI will then pay off the existing high rate mortgage and use house rents and parlor fees to pay back the LLC note. This will reduce BATI’s debt service and allow us to make rents more attractive to active chapter members. The LLC will provide alumni investors the opportunity to invest in the house ($1,000 minimum contribution) as members of the LLC, with the potential for investor-members to receive a return on their investment based on rents received, or, if the fraternity were to fail, proceeds from the sale of The Barn (as the LLC will have a mortgage lien on The Barn). Additional details on this investment and its risks are found in the attached flyer. For those who want to make a mortgage contribution under $1,000 or who wishes to donate $1,000 or more without becoming an LLC member, those can still be made directly to BATI.
· There have been multiple major work weekends involving TKE alumni and active brothers (including major help from Little Sisters) at The Barn to prepare it for the upcoming school year. This herculean effort has been spearheaded by Little Sister extraordinaire, Tammy Bagnato, who has many years of experience running rental properties and has, over the last 25 years, been one of our chapter's biggest supporters - both financially and with her time. Thanks Tammy!
The bottom line is that we are not going to let Xi Omega fail, nor are we going to lose The Barn. But we need your help. We need to you “carry your bricks” in a big way by either getting involved with the Xi Omega Alumni Association, helping reconnect with "lost" brothers, paying a visit to The Barn and meeting the active brotherhood, and most importantly, making an investment or contribution to help pay down the mortgage. We have nearly 700 alumni and if everyone helps a little, big things can happen. This "snail" mailing is very expensive and time consuming, so please update your information online (click the "Directory" button at XOAA.org). We'd much prefer email communications. I look forward to seeing you at the tailgate party at FedEx Field on September 6th and in Blacksburg for the 30th Anniversary of the TKE House and Reunion on September 25. YITB, Tim Tim Murray, #235 President, XOAA
We’re making great progress re-energizing the chapter and renovating the house!!
That’s the easy part... Now we need your help restoring the finances. Our Goal: · Within 12 to 18 months, raise $550-600k to fund a private mortgage and continue to improve the condition of the house. ====>> $61k already raised! TKE House Financial Situation: · $470,000 commercial mortgage at 8.25% - balloon due in 2011. · Rent from 12 rooms at market rate doesn’t generate enough cash flow to cover the mortgage and expenses. Our Solution: · Improve the cash flow situation by replacing the current bank commercial mortgage with a very low interest private mortgage funded by our alumni base via a new LLC. · Use the improved cash flow to retire the debt and eventually build reserves (an endowment) to prevent this situation from recurring. Ways You Can Help Financially: · Donate money to immediately reduce the debt. · Lend money as an investor in new LLC which will fund a new private mortgage. · Provide monthly cash payments (for 2-4 years) to improve cash flow while the chapter recovers. Other Ways You Can Help: · Make your skills, experience, and resources available to house improvement and fund raising activities. · Make yourself available to chapter officers for advice and guidance. · Become more active in upcoming Alumni and Chapter events.
Go to XOAA.org to learn details and pledge assistance!
Virginia Tech TKE House 30th Anniversary & Xi Omega Chapter 2010 Reunion
What: Friday informal Happy Hour gathering at The House, followed by a possible trip to Top of the Stairs later in the evening. Saturday, 3 PM Family Cookout & Pig Roast with various yard games (volleyball, horseshoes, etc...), a (brief) Alumni
Association Meeting, & Saturday Night Party Cost: Any donation to the TKE house fund is appreciated.
Please RSVP at XOAA.org website. Click on the Register box on bottom of home page. If you have problems with the online system, please email or call Tim Murray, #235 (President@XOAA.org or 703-810-8424).
Special Notes: · The chapter needs your support as it grows into its true potential and rebuilds. Please consider joining us to support the active brotherhood and to sustain our chapter's future. Check out XOAA.org for more details on how you can help. · We have chosen a non-football weekend in order to secure hotels and to keep the cost down. Hotels on football weekends are 3 to 4 times the cost per night with a two night minimum. · VT football plays at Boston College on Saturday - time unknown. We will have TVs at the TKE House tuned to the game regardless of the time. · Friday will be workday for the house. Please come on down early if you can help.
ð We're collecting photos of all years. Please send to: photo@xoaa.org ï
A limited number of group rate hotel rooms are available at the hotels below: The Days Inn Blacksburg (the former Holiday Inn near the house): Location: 0.8 miles from The TKE House at 3503 Holiday Lane, Blacksburg, VA, Phone: 540-951-1330, use TKE for group rate (no internet reservations for group rate) Nightly Group Rates: Two Double Beds $65 (with refrigerator, microwave, & continental breakfast)
Microtel Inn: Location: 2.3 miles from The TKE House at 135 Ponderosa Drive, Christiansburg, VA Phone: 877-361-2512, use 55324824 for group rate (no internet reservations for group rate) Nightly Group Rates: One Queen $48, Two Queen $56, Queen Suite $64 (plus continental breakfast)
Come on back to Blacksburg and spend some time with your TKE Fraternity Brothers and Little Sisters! |
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