The Lambda Chapter of Phi Gamma Delta’s House Corporation

The major function of the House Corporation for the Phi Gamma Delta Chapter at DePauw University (Lambda Corporation) is to represent the owners (the graduate members) of the house and grounds (assets) in all matters pertaining to the safe and healthy use by the undergraduate members of the chapter living on the premises.

To accomplish this, Lambda Corporation is directed to take responsibility for assuring that the assets comply with all federal, state, local, and university regulations pertaining to operating a residential fraternity house.

The functions of the House Corporation fall into three categories – Corporate/Fiduciary, General Operations, and Financial.

Corporate/Fiduciary

  • Report annually to the graduate members of the chapter on the financial and physical condition of their assets.
  • Conduct an annual meeting for the purposes of reporting the status of the assets and to elect House Corporation officers.
  • Meet at least annually with the undergraduate chapter to explain House Corporation functions and operations.
  • File state and federal filings on time.
  • Provide adequate insurance for the assets.

General Operations

  • Conduct regular inspections of the house and property.
  • Conduct House Corporation meetings at the assets’ location.
  • Conduct house opening and closing procedures.
  • Hire necessary personnel to assist in the management of the assets.
  • Hire necessary personnel to repair and maintain the assets.
  • Cooperate with the undergraduate chapter and Board of Chapter Advisors (BCA) in helping determine the appropriate use, care, and improvements of the assets.

Financial

  • Develop and maintain an annual budget for the assets.
  • Develop an annual lease amount and housing contract to be presented to the undergraduate chapter for approval.
  • Assist in fundraising efforts pertaining to the financial and physical condition of the assets.
  • Provide House Corporation financial reports on a regular basis.

Current Lambda Corporation Membership

Chairman – Doug Mitchell ’70
Vice Chairman – George Lortz ’62
Treasurer – Russ LaMore ’88
Secretary – Tim Zaletel ’15
At-Large – Jay Moore ’74
At-Large – John Axelberg ’83
At-Large – Peter Fellegy ’05
At-Large – Steve Jacobs ’71
At-Large – Wade Nichols ’72
At-Large – Paul Qua ’82

 

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