One Theta Tau House Corporation has defined its mission statement as:
To provide a living environment for student members of Theta Tau that is clean, safe, conducive to learning, and convenient to campus.
A House Corporation plays an important role in the continued existence and well-being of a chapter in the Fraternity. The typical House Corporation performs some or all of the following functions:
Owns and/or manages real estate for the chapter.
Leases the chapter house to the undergraduate chapter or individual members.
Is responsible for the physical plant
Maintains the equipment and furnishings
Anticipates future housing needs
Maintains accurate financial information
Obtains loans when necessary
Enters into contracts when applicable
Secures adequate levels of insurance
Ensures that any applicable taxes are filed properly
Hires and supervises all chapter employees, such as cook, housemother, live-in adviser
In some cases serves in an advisory role to the undergraduate chapter
Acts as a good role model to the chapter
Knows when to say no!
Because of varying circumstances, not all House Corporations are involved in each of these duties. For example, if the chapter is housed in university facilities, the university would assume many of the duties associated with maintaining the physical plant. This would not, however, relieve the House Corporation of its other responsibilities. It is critically important that the House Corporation insures that all facility duties are being properly handled by either the House Corporation, the alumni, a professional management group, the university, or the chapter.
The links right provide additional and valuable information for house corporations and their officers. The corporation provides the “first line of defense” in oversight of chapter operations and is encouraged to contact the Central Office for any assistance and guidance in fulfilling this role. A number of additional resources are available from our insurance broker James R. Favor and Company. Favor provides liability insurance for all our affiliated units and provides property insurance to most of our housed chapters. Another excellent resource for fraternity related issues is Fraternal Law Partners which has provided legal and tax advice to greek groups for decades.