Housing Corporation

The following resources will help you run a successful Housing Corporation. Please contact volunteer@phikappatau.org with questions.

General Housing Resources

Property Management Resources:

Lease Resources:

Liability, Insurance and Safety Resources:

Chapter House Resources:

Housing Legislation Resources

Statutes and Policies

Title V. Subordinate Councils

56. Approval of Negotiations Concerning Chapter Houses.  Any chapter or any affiliated House Corporation desiring to lease, build, purchase, sell or otherwise dispose of a chapter house shall secure the approval of the CEO before making commitments of any nature. Where the expenditure for chapter house repairs, remodeling or other improvements requires securing either a building permit from a municipal authority, a loan from an institutional lender, or exceeds an aggregate sum of $25,000 on a proceeding 12 month basis, the house corporation shall secure the approval of the Chief Executive Officer before making commitments of any nature. Failure to secure prior approval may result in action being taken against the chapter and/or affiliate house corporation, which could include the suspension of operations and revoking of the chapter’s charter. Each chapter or affiliate house corporation shall file with the Chief Executive Officer an annual financial statement and other such reports as the CEO may require.

House Corporation Officers and Responsibilities

58. Affiliated Corporation.  Any chapter that now has or hereafter establishes any affiliated corporation that is supportive of the goals of the chapter shall provide the National Headquarters with copies of the Articles, Bylaws, and any amendments thereto of such corporations and shall furnish such financial and other informational reports as may be required by the CEO. All such corporations shall be non-profit corporations and shall contain in the Articles of Incorporation these provisions: (a) no income or profit arising from the operations of the corporation are to inure to the benefit of any private person; (b) upon dissolution of the corporation, any assets remaining after payment of debts shall be held in trust by The Phi Kappa Tau Fraternity, Phi Kappa Tau Foundation, Phi Kappa Tau Properties, Inc. or any of their subsidiaries or successors. In the event that all the foregoing are non-existent, then to some other appropriate non-profit entity qualified under Section 501 (c)(3); (c) that the closing of the Resident Council may in some cases be grounds for dissolution of the corporation as a failure of purpose. Surplus funds of a house corporation, local educational foundation, Graduate Council or Resident Council shall be invested only in United States government securities or financial institutions providing adequately insured deposit accounts. Any funds realized by virtue of the dissolution of any affiliate corporation or chapter which are held by The Phi Kappa Tau Fraternity, the Phi Kappa Tau Foundation, or Phi Kappa Tau Properties, Inc. are to be separately accounted for by the National Council or Board of Trustees for a period of 25 years and should the opportunity arise to reestablish the chapter at that institution, within that time frame, funds at least equal to the amount deposited plus interest earned on the amount deposited will be committed to the re-colonization effort.

President

  • Shall be the Chief Executive Officer of the Corporation.
  • Shall schedule each meeting and preside over all such official meetings of the Corporation.
  • Shall see that all legitimate and valid orders and resolutions of the Board of Directors are carried out in a prompt and timely manner.
  • Shall ensure all official actions/articles/resolutions are in compliance with all Local, State, National, and Fraternal regulations.
  • Will ensure the replacement/addition of all Corporation members as needed and that said replacement/additions are informed of their responsibilities and obligations.
  • Shall direct the Vice President of the Corporation on the formation of standing and special committees, as needed.
  • Shall be the liaison between the Housing Corporation and the undergraduate chapter, the Board of Governors, the Executive Offices, and Domain Director as needed to all matters pertaining to the maintenance of the assets of the Housing Corporation.
  • Shall act in the best interest of the respective chapter and invite appropriate representatives of affiliated groups as needed.

Vice President

  • Shall assume the responsibilities of the President as directed by said officer, or upon his absence.
  • Shall be responsible for the formation and maintenance of all standing and special committees, as directed by the President and act as an ex-officio member of all said committees.

Secretary

  • Shall record and maintain minutes of all meetings as directed by the President and the Vice President of the Corporation.
  • Shall serve notice to all members of the corporation and subsidiary committees of each meeting along with an agenda for the meeting and minutes from the previous meeting as directed by the President or Vice President of the corporation.
  • Shall attest to all signatures of the President or the Vice President of the corporation on all official/legal documents.
  • Shall supervise the collection of all monies due the house corporation, and annually negotiate the rental rates due the corporation in the best interest of the chapter.
  • Shall maintain all assets/monies of the corporation as directed by the corporation and in compliance with all 501 (c) regulations.
  • Shall countersign all checks, drafts, notes or orders as requested/required by the corporation.
  • Shall provide an annual audit, prepared by an outside accountant, to the members of the corporation and Executive Offices.
  • Shall procure a fidelity bond for the Treasurer and President of the corporation in an amount designated by the corporation.
  • Shall maintain and update all financial records of the corporation. These records shall be subject to review by the corporation and Graduate Council upon request.
  • Shall ensure that all appropriate State, Federal, and local taxes and other appropriate reports are prepared in a timely manner for review by the Housing Corporation.