First the challenge…
Early in 2013, PLPAA learned that the sorority was two years behind in their property taxes, $5,500 behind in their power bill, several payments behind in their mortgage (held by an alumna), and behind in their water and garbage bills. As if that weren’t bad enough news, we found that after graduation in May ’13 the sorority would be left with only seven active sisters.
Next the good news…
For several months, PLPAA spent time and effort to get Phi Lamb back on track. We successfully worked with the county of Oswego, creating a repayment plan of back taxes allowing the tax burden to be split into 5 individual payments. A tax escrow account was created at a local Oswego bank to collect alumnae donations, which to date have totaled almost $6,000. That was enough to make the down payment and the first installment payment due at the end of December 2013. PLPAA also negotiated with the sorority’s liability insurance company, effectively lowering the annual liability insurance (required by the College) cost from $8,500 to $6,246. In addition to PLPAA’s efforts, another group of alumnae began a fundraising committee, generating almost $5,000 for the sorority—primarily through online auctions. PLPAA also worked to create a financial plan for the sorority that would assure future success, including recommendations for increasing rents and hiring a property management company to manage the House.
Ultimately, the active sisters decided to proceed with their own plan, foregoing the expense of a property management company, and managing their own finances. A dedicated, responsible active sister took the reins and became President and Treasurer. Seven people lived in the house this fall; 5 sisters and 2 independents. Rent is being collected, sisters are stepping up to pay back rent, Greek events are being sponsored, and fundraising efforts are underway. Since the active sisters came back to school in September, they have paid $2800 in back taxes, almost $5,000 toward the power bill, four payments to the mortgage on the house (held by an alumna sister), and half ($2,600) of their liability insurance.
In addition, they have successfully recruited and initiated three new sisters during Fall Rush 2013, and have made many repairs to the house, including fixing plumbing leaks and repairing a buckled area in the hardwood floor.
Unfortunately, the 2012 school tax bill of $3,350 was not included in the County payment plan and remains outstanding, in addition to the 2013-14 taxes that they still have to pay (about $7,500.)
Now the plea…
Showing the ultimate Phi Lamb spirit and determination that we all know so well, the active sisters are trying very hard to turn things around – both by paying off their debt and increasing their numbers. PLPAA will continue to provide advice and guidance as requested. But to successfully turn things around, the actives need some financial support from PLP alumnae. They are hoping that each alumna who is able will consider making a donation of any amount this winter to the PLP Tax Escrow Fund. Your contributions to this account are paid directly to Oswego County to offset back taxes and to help avoid losing the Phi Lamb House to tax foreclosure. This sisterhood effort keeps us all involved in preventing the loss of a valuable monetary asset. The active sisters are determined to bring in a large pledge class this spring so that our sorority will continue for years to come. For information on how to contribute, click here.
