Kappa Chi Housing Corporation

“All Kappa Chi Fraternity Brothers are members of the Kappa Chi Housing Corporation”

“The members vote to elect an Alumni Council that appoints the Board of Directors.”

“All board members are given a copy of the completed 990 and given a chance to review it.”

“Officers and Directors must disclose conflicts of interest to the fraternity membership as soon as they come about.”

“Governing documents and financials were made available upon request to the President.”

“Reason for Amended Return - This was the first time we had to file a full form 990 and in reading the instructions closer we realized we made an error in Part VIII where we entered our rental income and expenses from our fraternity house under Other Revenue and we should have entered it as Program Revenue because we are a 501c(7) Fraternity Housing Corporation and our only Program and purpose is to run a fraternity house. That also affected part IX where we should have entered the expenses. We entered this information correctly in the original return in Part III 4a where we explain our program revenue and expenses. We also decided to use the purchase price of our new house as the value of the buildings and land on schedule D part VI instead of the county's assessed value.”

“In 2023 we sold our previous fraternity house (that we owned for 27 years) and received an above market value. We then took 97% of the money from the sale and bought a new fraternity house at an above market value. The remaining amount we are investing back into the property. The new property has increased our assets and income to a level where we are required to complete a 990 for the first time (instead of a 990N).”

“There is a $1,608,900 change in net assets do to the increased value of our buildings and land after the sale of our old property at a premium and purchase of the new property.”