Page 37 - 1920 February - To Dragma

120 TO DRAG MA OF ALPHA 0 MIC RON PI

FINANCING A CHAPTER HOUSE BUILDING FUND

(The following facts were collected and given to the Editor by Mr. George
F. Orde, Vice President of the Midland National Bank, Minneapolis, Minnesota.
He outlines a system which has already been worked out by a woman's fra-

ternity.)—EDITOR.

P R I O R to nineteen sixteen, the chapter rented a house but had
been accumulating money w i t h which to buy a lot of land. D u r -
ing1 the year of the above date, one hundred members were present
at a meeting where the building plans were discussed. Pledges
f o r sums which were to extend over five years were asked f o r , as w e l l
as i n d i v i d u a l contributions. Some contributed one hundred dollars,
some seventy-five dollars, i n fact there were a l l amounts down to
twenty-five dollars. T h e majority paid the amount i n cash at that
very meeting. A sum of three thousand dollars was raised i n
pledges on the time basis. They followed up the meeting with let-
ters until they received some response. T h e y sent out booklets tell-
ing about the proposition. They invited outsiders to take pledges,
but d i d not urge this at a l l . The subscription f r o m the entire mem-
bership amounted to eight thousand dollars. T h e lot cost about
four thousand dollars and this left four thousand dollars to apply on
a building. They borrowed nine thousand on a straight mortgage
and issued seven thousand and fifty dollars o f the second mortgage
bonds which were sold to or through the members of the chapter.
T h e f u r n i t u r e came to about two thousand dollars. These bonds
were issued i n the denominations of one hundred dollars and up to
one thousand dollars. T h e graduates of the chapter assumed a
pledge f o r the up-keep and retirement of the mortgage. The house
rooms about fifteen girls and they must meet the r u n n i n g expenses,
which, of course, include the maids, chaperon, and repairs to f u r n i -
true and house.

Within six months they had raised almost $5,000 and were able to
buy a lot, which was selected and purchased by the building com-
mittee. Then they consulted an architect and had plans drawn for a
house, c a l l i n g f o r an investment o f fifteen thousand dollars.

F r o m time to time l i t t l e entertainments had been given and a
Christinas bazaar at which $1,000 dollars had been raised, and these
sums added to the f u n d helped it materially.

A f t e r the lot was purchased and plans approved they took them to
the D . C. Bell Investment Company and a first mortgage of nine
thousand dollars was placed on the property. As this was not
enough to finish the b u i l d i n g a bond issue was drawn up by the
Wells, Dickey Company f o r $7,200 which was a second mortgage on
the place. These bonds drew six per cent interest and were issued