Pinewoods Educational Foundation Update
The Pinewoods Educational Foundation was created in 2010 and has been in operation now for two years. As you may recall, the Foundation is organized exclusively for charitable, educational and scientific purposes within the meaning of the IRS code Section 501(c)(3)to provide a vehicle for fund raising. This IRS status permits contributions to the Foundation to be treated as tax deductible charitable contributions and has benefited our donors.
The Foundation’s major accomplishment to date is the raising of $1.543 million dollars in pledges from alumni and friends to allow Delta Psi to begin major reconstruction of the Pomeroy Chapter House named in honor of our major donor, William Pomeroy, Class of 1966. The reconstruction will confirm Delta Psi’s participation in the Greek Life Commons program established by RPI as part of its CLASS initiative. Expect regular updates on the overall construction project which began in September of this year, and is scheduled to be completed in time for classes to resume in 2013. [Pictures and stories are located at www.sigmachi-rpi.org.]
In September of this year, prior to starting construction on the renovated chapter house, the House Corporation completed a formal transfer of the physical house to the Foundation, thereby enabling the contributions to the Foundation that are being used for the renovation to be treated positively for tax purposes. This transfer was recommended by a Sigma Chi Grand Trustee and confirmed by legal advisors as a solid approach to maximizing the tax deductibility of funds used in the renovation. This is a benefit not available to most fraternal organizations which do not have a 501(c)(3) status.
The Foundation is managed by a Board of three alumni appointed by the House Corporation. In addition to myself, Paul Roughan, ’78 serves as Treasurer and Larry Mentz, ’68 serves as Secretary. Both have contributed significantly to creating a sound fiscal and legal structure for the Foundation.
The Foundation operates independently of the House Corporation and the active Chapter; however there are formal agreements in place with both organizations and the individuals living in the house with respect to property management services provided by the House Corporation and rent charges to the Chapter. Rent is set on a market basis with the intent to recover the costs of owning, maintaining and operating the house.
In addition to the physical aspects of the house, the Foundation is also committed to encouraging scholarship excellence and providing educational services. During the past year the Foundation granted three scholarships to active brothers and revived the overall Greek Scholarship Trophy and Award which is given to the Greek organization with the highest GPA on campus (pictured are the members of Delta Phi – 2012 recipients).
The Foundation will continue fund-raising activities to fund ongoing scholarship and educational activities, as well as continue to encourage new and existing alumni to support the programs. Any suggestions for additional programs, new contributions in both the form of money or time, are greatly encouraged and appreciated.
Paul J. Cosgrave ‘72
President, Pinewoods Educational Foundation