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A parents club supports the chapter. The parents might make snack bags for finals week-they might make food for rush events. They might help you raise money for your philanthropy. Some parents clubs support chapters with houses by purchasing items the chapter needs- a nice tv, audio equipment, a deck on the back of the house, etc. They basically just support the chapter as much as they can.

You could check with your Fraternity's headquarters to see if they have any chapters that have parents clubs, and if so, if they have any guidelines or literature that would help you all set up one-if that is something that your chapter would like to do.