Financial Reports

 

 

1.  Financial Report

The House is paid off.  No bank liens against the property.  All bills and taxes are current.  No loans to banks or ANY individuals. 

Current Debt:  Zero (No Debt at this time)

2.  Current Situation

Alumni Financial Report

 

The Alumni checking account includes dues and donations from alumni as well as student payments.  The current room rental rate at the Delta Delta Pi Fraternity is $300 per room with a total of 4 rooms.  The two main expenses that come out of the alumni account are the house insurance and the property taxes.  The house insurance is paid every January and the property taxes are paid in September and in March of each year.  For the tax years below BOTH Management. has paid the following for Insurance and Property Taxes:

 

                    Property Taxes due September 2010 (status paid)          $2,471.00

                    Property Taxes due March 2011 (status paid)                 $2,471.00  

                    Property Taxes due Sept  2011 (status paid)                   $3,396.40

                    Property Taxes due March  2012 (status paid)                $3,976.89

                    Property Taxes due Sept  2012 (status paid)                   $3, 452.15

                   Property Taxes due March  2013  (status paid)               $3,485.20   

                    Property Taxes due Sept  2013 (status paid)                   $3455.40

                    Property Taxes due March 2014 (status paid)                 $3,267.40

                    Property Taxes due Sept    2014 (status paid)                 $3,267.40

                    Property Taxes due March  2015  (status paid)              $3,278.20

                    Property Taxes due Sept    2015 (status paid)                $3,315.15

                    Property Taxes due March  2016 (status paid)               $3,315.15

                    Property Taxes due Sept     2016 (status paid)               $5,406.40

                    Property Taxes due March  2017  (status paid)              Prepaid

                    Property Taxes due Sept     2017  (status paid)               $3,250

                    Property Taxes due March  2018  (status paid)               $3,388

                    Property Taxes due Sept     2018 (status paid)               $3,165

                    Property Taxes due March  2019 (status paid)               $3,275

                    Property Taxes due Sept     2019 (estimated)                 $3,400

                    Property Taxes due March  2020 (estimated)                 $3,500

 

                  

                    Property Taxes due Sept 2019 (Scott County has yet to give amount) Slight increase from last tax year due to property appraisal increase.

 

   

The next property tax installments are due Sept 2019 for an amount yet to be released from Scott County.   House insurance is estimated at $3,400.   

The tax assessed value of the property is $167,760 for TY2016 (per March 31, 2016 Tax Notice).

The tax assessed value of the property is $159,200 for TY2015 and $159,200 for for 2014 and  $159,200 for TY2013 and was $159,200 for TY2012 and $163,700 for TY2011 there was a $4,500 reduction in assessed value upon appeal with a site inspection.

Actual taxes paid for tax year 2011-12 was $7,373.29 and tax bill for tax year 2012-13 is $6,843.15 that is a $530.14 reduction in taxes.  This is actually good as most properties in that part Davenport saw an increase of tax bill versus the reduction we were able to get.

The property taxes have increased by $1,654 from tax year 2010 to 2011.  After a call to the county assessor’s office in July of 2011 we have learned that the property has recently been reevaluated and compared to comparable properties in the area, the assessor “feels” that the increase (over $40,000) in property value is fair and justified.  We are disputing the excessive tax increase and the increase in the property value.  Channing Bolick, met with the Scott County property appraiser on 8/11/2011 at this meeting I was able to get the appraiser to lower the assessed value of the house and to changed the assessment category from Commercial to Residential millage rate.  The combined changes should cut the property taxes by an estimated 50%.  

Fast forward to August of 2012, the tax assessor's office only lowered the value of the property by $4,500 and kept us on a commerial millage rate.  They have coordinated with other county's in Iowa in regard to making Fraternities and Sororities commercial property and feel that they are on VERY solid ground after a careful review of the tax laws.  Our only recourse would be to hire a real estate tax attorney and dispute their interpretation of tax law, but this would be a futile effort and a waste of non-existent money from my research and personal opinion.  The head tax assessor Tom told me that they felt that entire section of Davenport had been under valued on a tax basis for many years and we should "quite frankly be thankful that we got away with a low tax bill for so many years up to this point."  All of the Fraternities and Sororities were reassessed for property taxes after an interior and exterior inspection in 2011.   So we are just going to have to find a way to pay the $6,500 per year tax bill and plan for the natural gradual increases over time.

Alumni Association has been making desperately needed remodeling and repairs to the Delta Delta Pi Fraternity property. The repairs that have been made are various electrical repairs to the security lightening, replaced the basement doors, new shower surround in the back upstairs bath, new electronic lock for the back door, boiler repair (this will need to be replaced in about 2 years), finished back bathroom shower, repaired things in the upstairs kitchen, replaced sink in the front upstairs bathroom, repaired back driveway and did other various room repairs.  Once again, we owe Dr. JJ Milan a debt of gratitude for all that he has done.

                                                              Student Financial Report Aug 2019  

 

The house currently has monthly expenses totaling $2,860.  The breakdown of the monthly expenses for the house is:

 

                                 

                                      House Current Monthly Expenses

                  MidAmerican Energy                                 975

                  Clean Water Act Fee                                   80

                  Iowa American Water                                190

                  Millennium Waste                                      195

                  City of Davenport (Sewer)                         135

                  City of Davenport (Cons)                            75

                                       Pledging                                                     170

                  Promotion/Rush                                           80

                  Supplies                                                       50

                  Small Repairs                                               50

                  Alumni Association (taxes, insurance)       860

             Total Monthly Expenses                      2,860

 

 

The total yearly expenses for the house are $34,320 (This includes pledging). 

                                Forward Planning

 

The income potential for the student organization with 35 dues paying members and all four rooms rented at all times is as follows.

 

35 dues paying members (35x $260x 3tri’s) =  $ 27,300/year

All 4 rooms rented @ $275/month =                $13,200/year

                        Income potential=                 $40,500/year

 

In order for the student organization to sustain itself without fundraiser profits they need a minimum of 32 dues paying members and three rooms rented at all times.

 

32 dues paying members (32 x $260 x 3tri’s) =  $24,960/year

With only 3 rooms rented @ $275/month =        $9,900/year

                        Income potential=                 $34,860/year

   

The house annual expenditures of $34,320 against the income potential of having 32 dues paying members and three rooms rented of $34,860 leaves only $540 to cover the unexpected.

 

There are currently 19 active members (2 recent members from July 2019 pledging) and 2 rooms rented.  The balance in the student bill pay checking account is $131.44.  The transactions that have occurred since August 2018 are shown on the attached register.  Since we did not fulfill out contract with Mediacom, the contract had to be paid out.  This was set out over monthly payments and the final payment was made in December 2018.

 

Recommend that the Beta pledge periods be implemented, recruited and done per the Constitution.  Dropping out this successful action is one of the contributing factors to membership falling below 30 and it has the best chance of building and stabilizing membership numbers proven historically as a matter-of-fact.

 

  3.  Student Executive Council Plan 2018 to 2019

Financial:  

Do 2 pledge periods per trimester

Economizing house expenses (get utility bills down).

Keep active members at 30+

Getting all rooms rented and revenue producing, primary target, 1st tri and pre-chiro. Students.  

Planned Fundraisers:  Various small student fundraisers throughout the year.

Membership:

  1. Minimize infighting.

  2. Pledging schedule: 2 pledge classes each trimester.

  3. Pledging to be administered for 2 week periods twice per week.

  4. There will be ZERO tolerance for hazing per the Student Constitution. 

                Study time with upper tri members for pledges.

                Recruitment as a “co-educational, well rounded and social network for ALL chiropractic disciplines.” Family life, not just    your years at Palmer.

                We have the most active Alumni Association at Palmer and in the Quad-cities.

   4.  What you can do to Help:

Please pay your yearly Alumni Dues and/or donate to one of our House improvement projects

 

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Send mail to channing@bolickclinic com with questions or comments about this web site.
Last modified: August 13, 2019