![]() | Board of Visitors minutes January 25, 2002 | ![]() |
FRATERNITY
AND SORORITY INVESTMENT PROGRAM
WHEREAS, the Board of Visitors acknowledges the important role that fraternities
and sororities have played, and continue to play, in the lives of students at
the University, and the contributions that such student organizations have made,
and will continue to make, to the University community; and
WHEREAS, while the fraternities
and sororities are independent and private
associations, the Board is committed to supporting appropriately their efforts
to provide safe and appropriate physical accommodations for their members and
students of this University; and
WHEREAS, evidencing its commitment, the Board wishes to authorize a new pilot
program providing limited financial assistance in the way of loans and other
financial commitments to such student organizations' House Corporations needing
funds to renovate existing housing facilities, who responsibly seek the
assistance of the University for such purpose or to provide on-Grounds
fraternity
and sorority housing; and
WHEREAS any program involving fraternities
and sororities should be designed to
include appropriate participation and firm commitments by the house membership,
alumni and the University; and
WHEREAS the Board expects all organizations associated with the University to comply with all local, state and federal laws as well as applicable University rules and regulations.
RESOLVED that the Board of Visitors authorizes the Executive Vice President and
Chief Operating Officer in consultation with the Vice President for Student
Affairs and the General Counsel and subject to all applicable state, University
and Board policies and approvals, to establish and administer a program
authorizing loan funds and other financial commitments for improvements to off-Grounds fraternity
and sorority houses or to
provide on-Grounds
fraternity
and sorority
housing; and
RESOLVED FURTHER that funds for this purpose are allocated from other than general appropriations to the University, provided, any such loan and other financial commitments must be approved by the Executive Vice President and Chief Operating Officer, or his designee, following due diligence review with respect to repayment of any indebtedness and justification for any financial commitments, and who shall be authorized on behalf of the University to execute any and all papers associated with such programs; and
RESOLVED FURTHER that (a) loan(s) — meaning unpaid principal and other
financial commitments — to all fraternities
or sororities requesting such
assistance and selected for participation in the program shall not exceed in the
aggregate the sum of $3 million without the further approval of the Board, (b)
loans shall be adequately secured or collateralized as approved by the Executive
Vice President and Chief Operating Officer, or his designee, (c) interest shall
be charged on loans at market rates, and (d)
fraternities
or sororities
participating in this program shall commit affirmatively to rehabilitate their
physical quarters in accordance with plans or designs approved by the University
as well as to monitor and oversee their social activities in strict compliance
with applicable laws, University policies, rules of any national or local
governing association or of the Inter-
Fraternity
Council; and
RESOLVED FURTHER that such financial commitments will be made only in those cases where the University's assets and investments can be appropriately protected; and
RESOLVED FURTHER that, as a condition of participation in such programs,
fraternities and sororities shall be required to achieve a standard of
performance relative to the management of social activities, compliance with
University policies, oversight of business operations and care of houses and
furnishings that are acceptable to the University on an ongoing basis; and
RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer shall report to the Board on a regular basis on all actions taken under this authority.
![]() | Board of Visitors minutes January 25, 2002 | ![]() |