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Mr. John A. Rush, Los Angeles, Calif.
Jan. es 1940

=~ 2m

fhe other two items in the budget, namely; furniture

and property maintenance, and reserve fund, are as you realize,
variable items which can be controlled. Since the mortgage contract
called for a principal payment of only $500 this year, but hereafter
ose per year, we set the budget for the mortgage reduction at

0 with the thought in mind of using an additional $500 of the
reserve fund to apply which would make a total mortgage reduction
during the year of £1,000. The mortgage balance, or any part thereof,
can be paid at any interest paying date.

There are some repairs to the hose and pogpery
which need to be done, and if all of them wers made, the : of
$2,000 would not be too high. To the casual observer, $2, a year
for repairs may seem like a lot of money for this item, howéver, in
the past few yeara there have been go many needed repa and replace-
ments to keep the chapter in good condition, that we have been unable
to pay for them all out of that particular year's budget. Last year
was tho first year that the chapter paid the full $6,500 in rent,
previously they were able to pay oniy about $5,000 or $5,500 in rent.
Since the at majority of these repaizts are made during the summer
months, and further since we will not know whether the chapter can
pay the full $6,300 until the last month of the school year, the
actual amount of repairs which will be made is uncertain. Incident-
ally, a portion of this $2,000 has elready gone to pay for repairs
made last summer over and above the budgeted amount for last year.

I might explain that the attitude of the chapter toward the reduction
of the mortgage is thiss they feel that the money they pay to the
Building Association as rent, should go primarily to keep their house
in an up+to-date condition in line with other fraternities on the
campus. Their attitude is that they de not feel they should deny
themselves the advantages of a modern house &nd up-toedate equipment
for the sake of reducing the mortgage so that the boya ten or fifteen
years from now can have a fine new house, Im other words, they want
to spend their mmey on themselves rather than on some future class.
Thies attitude is prevalent among undergraduates in every fraternity,
althoug:: for the most part, they are quite reasonable in geing along
with the elummi toward the mortgage reduction.

Your thought that the reduction of the mortgage is
most inportant is entirely in agreement with our views. We have
for the past several years paid as mech as we possibly could toward
the mortgage reduction, while at the same time paying other bills
that were incurred and keeping the furniture and property in go
condition. Our plan is to make repairs and replacements as they are