FINANCIAL FAQ
for Chapter Members and Parents

 
Living at the house with new lifelong brothers is an experience like no other. Good times also come with shared responsibilities. Please read these Q's and A's so you have a clear understanding of monthly charges and financial expectations.
 
If I have a question about my monthly statement, who should I contact?
Please email our bookeeper, Cory Robinson, at cory@csrobinson.com
p:303-464-3903  f:303-374-8310
 
Why is it critical to pay my son's statement on the first of the month?
Your monthly payment is how the chapter pays its bills. When your payment is late, it directly affects our ability to meet our financial responsibilities. The fraternity does not have huge cash reserves to cover the bills when rent checks are overdue. We rely on brothers and parents to pay on time rather than charging higher rents to build up a big cash reserve to cover unpaid statements.
 
Why am I charged a $10/day late fee if my monthly payment is overdue?
Unfortunately, it's the only way that has proven effective to reduce the number of late payments. Even with this late charge, over $37,000 in payments were not received from chapter members at the end of the 2010/11 school year!
 
What costs are brothers responsible for if they damage walls, furniture or other house property?The house corporation pays for ordinary maintenance, repairs and remodeling. Vandalism damages, such as breaking furniture or windows, is the financial responsibility of the brother(s). If no one steps forward and claims responsibility, charges for repairs or property replacement are shared equally among all brothers living on the property and shown on your monthly statement.  
 
How are the costs of damages determined?
An approved contractor is hired to ensure that repairs are done properly. Costs include materials, labor and the standard contractor 15% markup. If property such as broken furniture cannot be repaired, it's replaced with property of like quality and value.
 
Why is there a 20% surcharge added to damage repair/replacement costs?
Due to an unusual amount of damage in recent years, an additional 20% surcharge is added to repair and replacement costs to discourage property damage. Surcharges are put to good use and deposited into a fund for future property repairs and renovations.
 
 
How do I receive, read and pay my monthly statement?
For your convenience and doing our part for the environment, your monthly statements are now posted on the Chapter website on the 25th of the month. You will receive an email notifying you when your statement is posted. All current charges are listed on each statement, including a description of unusual charges for property damage or clean-up fees. Vendor invoices or estimates for repair or replacement of damaged property are also posted on the website. Payment must be received by the first day of the month. Please mail or deliver checks, payable to "Sigma Nu" to: Sunnyside Property Management, 4890 River Bend Rd., Lower unit B, Boulder, CO 80301

Why are brothers responsible for the cost of clean up after a party?
Broken glass on the lawn, tables covered in empty beverage cups, dismantled smoke alarms and couches blocking hallways are all viewed as fire, safety, health and environmental hazards by the Boulder Fire, Health and Police Departments. Penalties can include severe fines, chapter suspension and revoking our rental license. As such, it's critical that brothers clean up immediately after parties. Otherwise, the property management company has no choice but to clean up the property themselves and pass the charges on to brothers and parents.  
 
How do Sigma Nu rental rates compare to other CU Greek houses?
Monthly rent averages $765 for a single which is in the middle range of fraternity rents and below the average Boulder rent of $943 for a 1 room apartment. Combined with amenities like hotubs, basketball and volleyball courts and on-site laundry facilities, Sigma Nu is an excellent value and great place to live.
 
Why is the property managed by a property management company instead of the brothers and alumni?
In a simpler time, the property was managed by alumni volunteers and chapter officers. Today, almost 75% of fraternities and sororities at CU are managed by property management firms. The prudent management of funds, payments, property maintenance, collections and compliance with rental laws requires the assistance of professional property management and bookeeping. Both Sunnyside Property Management and the bookeeper, Cory Robinson, are supervised directly by volunteer officers of the Alumni Board who are skilled in both accounting and property management.
 
After paying the mortgage and all other house expenses, how much is left over and what is it used for?
Unlike a traditional landlord-tenant relationship, the Gamma Kappa House Corporation is not a profit-making operation. The goal is to break even after paying ongoing expenses such as the mortgage, utilities, food, repairs for normal property wear and tear, and maintenance. On average, modest or no income is left at the end of the year. If a small amount of funds is available after paying expenses, it is re-invested in vital renovations to our aging buildings and paying down the mortgage.