Psi Upsilon Fraternity Omicron Chapter

“Form 990 is available for viewing upon request.”

“Due to the onset of covid19 and the response of the university of illinois to the ongoing pandemic, psi upsilon fraternity was forced to redically alter its program services. Liquid resources were drained to provide refunds of rents to members and to pay ongoing expenses. Whereas psi upsilon fraternity previously held long-term informal leasehold with its affiliated alumni organization, omicron alumni association, and therefore facilitated the leasing of the fraternity houses rooms to members and collecting rents therefrom, beginning with the current year, those activities ceased and all leasing of the fraternity is now conducted directly by said alumni organization. The sole programming function of psi upsilon fraternity is the sponsorship and organization of social events for members. At this time, program revenues and expenses are limited to the collection and remittance of the annual membership fees required of the international psi upsilon fraternity which provides psi upsilon fraternity with its ongoing fraternity charter.”

“Psi upsilon fraternity is an undergraduate membership organization”

“The undergraduate members of the organization elect their executive officers, who stand for election every semester.”

“Given the transitional nature of the executive officers of the organization, the president of the omicron alumni association, which owns the house within which psi upsilon fraternity and its in-house members reside, is a non-elected, ex officio participating member of the governing body of the organization and is responsible for signing the organizations annual 990.”

“LINE 1g - PSI UPSILON FRATERNITY, WHICH IS A 501(C)(7) UNINCORPORATED ASSOCIATION/CLUB CONSISTING OF UNDERGRADUATE MEMBERS OF THE OMICRON CHAPTER OF PSI UPSILON FRATERNITY, RECEIVED NON-CASH REVENUE FROM OMICRON ALUMNI ASSOCIATION, WHICH IS A 501(C)(7) INCORPORATED CLUB CONSISTING OF ALUMNI MEMBERS OF PSI UPSILON FRATERNITY, WHEN OMICRON ALUMNI ASSOCIATION ASSUMED PAYMENT FOR LIABILITIES PSI UPSILON FRATERNITY COULD NOT PAY DUE TO THE DISCONTINUATION OF ITS OPERATIONS DURING COVID SHUT DOWNS AND QUARANTINES, AS WELL AS PSI UPSILON FRATERNITYS TEMPORARY LOSS OF OFFICIAL STATUS AS A MEMBER OF THE INTERFRATERNITY COUNCIL AT THE UNIVERSITY OF ILLINOIS.”