In the fall of 2007 Beta-Upsilon signed a commitment to take part in an ambitious $100 million project that will fundamentally change the physical status of Greek Life at North Carolina State University. This project, involving every fraternity and sorority in the Greek Village, will take our chapter from its current house, oddly reminiscent of a 1960’s style office building, and put it in a new state-of-the-art fraternity house. Kappa Sigma at NC State is proud to claim its position as a leader in the first phase of this massive undertaking.
What does this project mean for our chapter? It means that we will live in our house, not a lease from the University. It means that our rent, currently over $130,000 per year, will drop to a $1 land-lease plus taxes and assessments; a price that will be set for the next 80 years. Moreover, this project will surround our chapter house with playing fields, sport courts, band stages, and much more. In short, it will put us in the best possible situation to excel here at NC State for decades to come.
The links below will direct you to blueprints, master plans, and pertinent information regarding this project. We at Beta-Upsilon ask that you take a minute to review the details and see the potential that this project has to drastically improve our situation here at NC State. It is our sincerest hope that after seeing this, YOU will get involved in positively influencing our chapter for the next 80 years.
Infrastructure – North Carolina State University has spent a substantial amount of money outfitting our build site with all of the infrastructural needs of a Chapter House. Each chapter in Phase 1 will pay $360,000 for their share of the infrastructure. Overall, the University is paying half of the cost to build the new streets, roads and utilities, with the 20 participating organizations splitting the other half. Our cost in Phase 1 is is substantially lower than in the latter phases of the project. Moreover, it is our understanding that current tax codes allow 100% of donations made to the University for exactly this type of infrastructure to be deducted from one’s taxes. We are obligated to say, “it is our understanding,” because we are cannot be totally familiar with each individual’s tax situation and thus cannot make blanket statements regarding deductibility. The Chapter strongly suggests that you speak with your tax advisor before claiming any donation as tax deductable. If you are willing and able to put your tax dollars toward footing this bill, please contact Stuart Ruffin [email:scruffi2@ncsu.edu; cell: 336-416-5565] or Greg Hunt [email: greghunt@nc.rr.com; office: 919-232-6324]
The House – Here is where things get tough. Funding this house will require an incredible number of donations from dedicated alumni. Currently, IRS tax codes stipulate (in our understanding) that only donations toward “educational spaces” in a fraternity house can be claimed as tax deductable. The University Housing department here at NCSU offers this explanation:
“Currently, the percentage of your gift deductible under Internal Revenue Service code has not yet been determined. It has been historically based upon the percentage of total square footage devoted to educational space in chapter houses and, as of now, the final architectural drawings of your chapter house have not been completed. Please consult your tax advisor regarding the deductibility of your gift. We will keep you apprised of any changes that may affect your charitable deduction.”
It is the chapter’s intention to maximize the amount of “educational space” in the design of our new house, thus maximizing the deductibility of each gift.
The Chapter looks forward to the day when we can have a house that truly meets the needs of today’s college students. We continue working with the University to keep our current facility operating but the 1960’s design does not allow us to provide competitive housing for our members. We need your support to ensure the continued success of Beta-Upsilon throughout the rest of the 21st century.
Legislation going through congress has the potential to vastly improve our situation in building this new house. The Collegiate Housing and Infrastructure Act of 2009 (introduced as H.R. 1547 and S. 781) would make all housing and infrastructural donations to non-profit organizations (including fraternities and sororities) tax deductable. Estimates assert that the passing of these bills would cost the federal government $148 million in tax collections over the next ten years, while sparking around $1 billion in construction projects over the same period of time. Further information on this bill can be found at:
http://www.fraternalcaucus.org/index.php?option=com_content&task=view&id=39&Itemid=45
Greg Hunt and members of the Kappa Sigma Fraternity present their commitment check to Director of Greek Life John Mountz and Associate Director Shelly Dobek.
Beta-Upsilon of Kappa Sigma recently signed a commitment to construct the new house on campus, and placed a deposit to secure their lot in Greek Village. Please take a few minutes to glance over the commitment here. This is a significant step for Beta-Upsilon, on the road to building a new house to continue our legacy at North Carolina State. After years and years of planning, everything is now coming into focus.
We are on a roll here. Consider getting involved, if you have not done so already!
View the lot for the new house construction.
Visit the Greek Village Development Project web site for more information.
