RESOLUTION OF UNDERSTANDING ON FUNDS
HELD FOR FUTURE LONG TERM HOUSING
This Resolution of Understanding is made effective January 1, 2005 for Gamma Gamma Alumni Chapter (Chapter).
WEREAS:
Various funds
have been donated to the Chapter for specific fund raising drives directed to
long term housing for the Pi Kappa Phi Student Chapter at
WEREAS:
A specific housing plan has been published via the internet and other means, as proposed by Troy University known as the New Fraternity Row, Plan “A” and other names. And these funds have been raised with this particular plan as a goal;
WEREAS:
These funds are being held in accordance with the By-laws of the Chapter and By-Laws of Pi Kappa Phi-Gamma Gamma Housing Corporation, Inc.:
WEREAS:
Certain donators have requested their donation be used specifically and only for the Troy University New Fraternity Row or be returned:
NOW THEREFORE BE RESOLVED:
That these various donator’s wishes be upheld and met:
BE FURTHER RESOLVED:
At any time it is determined these funds will not be used for the Troy University New Fraternity Row that these donations be refunded to the Donators requesting a return of funds.
BE FURTHER RESOLVED:
The amount to be refunded will be subject to a pro-ration of Funds held for Long Term Housing. Total Funds Donated less annual Expenses as per the by-laws in place as of this Resolution will be used as the Funds Available. That number will be used in proportion to the Total Funds Donated as provided by the Treasurer. So Funds Available divided by Total Funds Donated will equal the prorating percentage.
(The signatures of the Executive Council members are on file with the Alumni Chapter Secretary).
EXECUTIVE COUNCIL OF GAMMA GAMMA ALUMNI CHAPTER:
Larry Turrin, President
Greg Wilkes, Vice President, Communications
Jim King, Vice President, Special Projects
Chuck Norris, Treasurer
Steve Calton, Secretary