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Old 02-26-2018, 09:12 PM
QueenD QueenD is offline
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Join Date: Jul 2012
Posts: 89
Quote:
Originally Posted by Kevin View Post
You'd be referring to every single NIC organization I know of with the exception of Lambda Chi Alpha. In my chapter's case, to buy a house, we have to form our own corporation, obtain 501(c)(10) status from the IRS, which is no small undertaking, and obtain a mortgage. We are unlikely to be able to obtain a mortgage without some folks personally guaranteeing the loan.

Yeah, it's pretty unbelievable to me that we have organizations which are 150+ years old which still do not have national house corporations. Nope. We prefer to reinvent the wheel at every single one of our chapters.
Kappa Delta has individual house corporations, but our mortgages are guaranteed by national. Surprised that so many orgs have not been vigilant about reducing liability for alumni.
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