PHI KAPPA PSI - RIBETA    

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AHC Treasurer Update - October 2023
To all RI Betans: As some of you may know, I have been on the AHC since 1999 and Treasurer since 2007 when Bill Bowers took ill leaving a tremendous void in our AHC. During this time, we had our highs including a $1.2M renovation of 4 Fraternity Circle in 2007/2008 as well as our lows losing the chapter / charter in late 2008. Luckily, the AHC was strong in many ways; we picked up the pieces and ended up getting into a long lease with Zeta Tau Alpha, a powerful sorority from the south. We were able to recolonize in 2014 but in 2016, the decision was made to sell 4 Fraternity Circle to ZTA. With Chris Conti and myself, financially we stayed well ahead of the curve and kept a large warchest for the time when we decided to build again on URI's campus. With the help of Walt Augustyn, we went to URI, secured a lot at the entrance to Fraternity Circle and commenced our plans through a local architect. What we had originally planned and accepted by URI was a small club house style house with 4 bedrooms but a lot of room for gatherings and Phi Psi Rituals. Well COVID hit as we were about to break ground in 2020 and over the next year, URI completely changed their approval to a new requirement of a 2-story structure with 10 rooms and expandable to 20 rooms. The anticipated costs went from $1.2M, which we could have paid in full with cash in hand to a projected $2.8M. The board at the time, put the brakes on that project as we researched many options. In 2020, Vin Prattico came on as AHC President along with older brothers Mike Montle and Mike Douglas and younger brothers Steve Rodriguez, Ryan Rocha and Evan Miller. We then pursued the idea of a smaller property on or near campus. In the Spring of 2022, we found a house at 15 Upper College Rd right across from what used to be Theta Chi & Phi Sigma Kappa. The house was a rental in slight disrepair but the location was prime and it offered 6 bedrooms. We ended up purchasing the house for $581K and with Mike Montle who is in the construction business, the renovation process began! We still had about $470K in reserve and $350K was to be our anticipated budget. The house / land is owned free & clear by the RI Beta AHC and we are not locked into a URI land lease! Mike Montle is doing a tremendous job using his business contacts and while we will be above this budgeted amount, I have designated a $50K in reserve for the AHC. At our last meeting, the AHC Board decided to appeal to the nearly 1400 Phi Psi Alumni for a Furniture Campaign which we hope closes the gap for our furnishings. Our entire business plan since I have been on the board was to keep RI Beta as owners of 4 Fraternity Circle and never once did we seek assistance from National nor from Phi Psi Alum. We have always done it our way which allowed us to amass the funds we have once the dust settled after the sale of 4 Fraternity Circle. This is still our mantra but we are appealing to all Phi Psi Brothers; No gift is too large and no gift is too small. I hope you find it in your heart to assist with our endeavor and return Phi Kappa Psi to URI's campus. All donations will be kept in a secondary fund for our campaign which is being led by Brs. Lee Arnold, Mike Douglas and Ryan Rocha. All I ask is that you forward this to any and all Phi Psi's you may have contact with (your inner circles)! We also need to expand our database in www.ribeta.com (approx. 500 valid email members) as well as on Facebook; PHI KAPPA PSI - Rhode Island Beta Alumni (264 members). T/Y & Amiciā€¦ Br Joe Hart #431 1 Narrows Rd Narragansett, RI 02882 jphartjr@gmail.com 401-500-1183 VENMO - available upon request