MINUTES OF JOINT ANNUAL MEETING OF

MEMBERS AND BOARD OF DIRECTORS

OF SIGMA CHI BUILDING FOUNDATION 

The annual meeting of the members of the Sigma Chi Building Foundation was held on Friday, October 12, 2001 at the Missoula Elks Club, Front Street and Pattee, Missoula, Montana.  Foundation President Richard Thompson called the meeting to order.  The following members were present: 

Ron Lundquist, Jim Lee, John Bennett, Brad Colberg, Mark Peterson, Richard Thompson, Dan Cederberg, Walt Kero, John Rimel and Bob Rowe.

The members approved the minutes from the 2000 Annual Meeting. 

President Rich Thompson gave a fundraiser update.  With cash and pledges, 75% of the goal had been reached.  Cash and pledges totaled approximately $255,000.00.  The goal is $350,000.00.  There has been approximately $195,000.00 in cash collected and $5,000.00 had been donated for the scholarship endowment. 

Future fundraising was discussed.  Rich Thompson reported that a number of items had been proposed to be donated to assist with the fundraising.  There was a possibility of getting a Sigma Chi Christmas Tree light.  The cost would be approximately $12.00.  A CD with the Sweetheart and other Sigma Chi songs could be produced.  Brian Kurth had offered to donate a Kevin Redstar print with a retail value of approximately $1,500.00.  R.J. Brewer had offered to donate a Grizzly bronze with a retail value of $3,500.00.  A motion was made to allow the fundraising committee to use the donated items as gifts for large donors.  The motion was made by Dan Cederberg, seconded by Ron Lundquist and unanimously passed.

The next item discussed was the status of house improvements.  It was reported that the boiler room had been brought up to code and that the improvements included a locked room for storage.  The ritual room had been renovated including the installation of a new floor.  A new ceiling had been installed in the tube room.  The pocket doors on the main floor had been repaired.  The music room renovation was in the process including restoration of the piano.  The fire escape had been repaired including new treads.  The back porch base was redone.  There were new storm windows in the living room and music room.  A motion detector had been installed on the back stairs.  The roof repair project was in process.  Approximately 2/3 of the field tiles had been replaced.  There was a problem with the ridged tiles.  New tiles had been ordered.  The roof was watertight now, but it would probably be 4 to 6 months before the project was completed.  Copper trim was being installed.  Once the roof was completed, the fire escape would be brought up to code and tied into the roof.  The painting on the project was done.  The total cost of the project was going to be approximately $120,000.00.

Work on the Chapter website was ongoing.  E-mail addresses were being obtained.

Brad Colberg gave a financial report.  There was a positive cash flow for the beginning July 1, 2000 and ending June 30, 2001.  The beginning balance for the Foundation was $560.00 and the ending balance was $13,472.00.  The projected budget for the 2001-2002 fiscal year was a loss of $432.00.  Walt Kero made a motion to sweep the net income into the reserve fund.  Brad Colberg seconded the motion.  The motion passed.  Brad also gave reports on the capital improvement funds from July 1, 2000 to June 30, 2001 and from June 30, 2001 to the date of the meeting.  Copies of the report were submitted for inclusion in the corporate record.

The status of the Foundation Scholarship fund was discussed.  It was noted that there was approximately $144,000.00 in assets at National.  $62 – 63,000.00 of the assets were a mortgage and note owed from the Foundation to National.  The rest of the assets were in mutual funds and other investments.  It was noted that the money should be used for scholarships.  It was further noted that in Montana, donations to an endowment fund would result in a 50% Montana tax credit.

The next item discussed was the serving of alcohol at the reception after the homecoming football game.  Dan Cederberg made a motion that alcohol not be served at the reception.  Jim Lee seconded the motion.  The motion failed.

John Bennett gave a report on the state of the active chapter.  John indicated that over 20 men had pledged in fall rush.  John indicated 15 to 20 of the pledges should go active.  It was noted that Rich and John were going to workshop.  It was noted that the alumni chapter had to work with the active chapter to be sure there was no glorifying of the use of alcohol.

The next item of business was the election of directors.  It was moved to elect Bob Rowe, Jim Lee, John Rimel, Don Oliver, Brad Colberg, Ron Lundquist, Dan Cederberg, Walt Kero, Rich Thompson and Mark Peterson.  The motion was unanimously passed.

The board then considered the election of officers.  Rich Thompson was nominated for President, Brad Colberg was nominated for Treasurer and Dan Cederberg was nominated for Secretary.  The nominations were unanimously approved.

There being no further business the meeting was adjourned. 

Submitted by Dan Cederber, Secretary