BOULDER, COLORADO
LAWRENCE, KANSAS

FINANCIAL ADVISERS
ORGANIZATION ADVISERS
AUDITS - BUDGETS
SYSTEMS - SUPPLIES
SOCIAL SECURITY TAX
BUILDING ANALYSIS

COLUMBIA, MISSOURI
LINCOLN, NEBRASKA

 

ESTABLISHED IN 1929

 

 

DIRECTOR
C. H. FREEARK

CHAS, A. GALLOWAY
KANSAS REPRESENTATIVE

 

December 27, 1939

Mr. John As Rush,
121 South Hudson,
Los Angeles, California,

Dear Mr, Rush;

Mr. Forrest C. Allen has informed me of your interest
in the Kansas Alpha chapter of Phi Kappa Psi, and has asked that
I write you giving pertinent facts in regard to the financial
condition of the chapter and the Building Association at the present
time. This I am very happy to do and am outlining below a brief,
yet concise, picture of the chapter today,

The first mortgage on the property is now $16,000.00.
This mortgage was refinanced two years ago and is now held by the
Central Trust ¢ of Topeka, Kansas. The interest rate is
5%, the old rate of » and the budget calls for a principal
reduction of $1,000.00 per year.

In order to carry out Some majcr repairs to the property,
and furniture over and above the regular budget amowmt, the Building
Association borrowed some oer from a local bank, This note has
ieee reduced to $350.00 and will be completely liquidated by July 1,
- e

fhe two above mentioned items are the only obligations
against the Building Associetion.

In passing, I might mention that the “ee pro for
the organization is divided into two partes the Building Association
budget, and the Active Chapter budcet. The p rty is in the name

of the Building Association, and consequently that organization, of

which Wr. Corlett Cotton is Secretary«Treasurer, pays the mortgage,

insurance, taxes, and takes care of the maintenance of furniture and
property. Their annual budget income expense for the past two years
has been $6,300.00, )

The active chapter pays $700.00 each month for nine months
to the Building Association as rent. | :