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Like many fraternal organizations, the Phi Kappa Psi Fraternity maintains an independent
endowment for the educational benefit of its members. The Endowment Fund of the
Phi Kappa Psi Fraternity, organized in 1914, is a 501(c)(3) nonprofit, public educational
foundation. As of 2007, the Endowment Fund had net assets of over $20 million. In
2007 alone, the Endowment Fund spent over $1,000,000 on scholarships, grants and
other educational activities for the fraternity's members.
Although established in 1914, it was not until the mid-1990s that the Endowment
Fund began to flourish. In 1994, net assets totaled a mere $620,503. Ten years later,
that amount grew to almost $19 million. In 2004, under the leadership of Tom Pennington,
Director of Development, and Wayne Wilson, a probate attorney who serves as volunteer
Chairman, the Endowment Fund of the Phi Kappa Psi Fraternity became the largest
educational foundation of any American or international collegiate fraternity or
sorority. Gifts from wealthy alumni have helped Phi Kappa Psi reach this goal. The
fund also relies heavily on smaller contributions to its "Chapter Scholarship Foundation"
program, whereby 90% of a donation can be ear-marked for the benefit of a specific
chapter. This has spurred giving among those who have a strong connection with the
chapter at their collegiate alma mater.
In 2006, the Endowment Fund and the Fraternity Headquarters moved from its downtown
Indianapolis location into its new acquisition, Laurel Hall. Complete with Ruth
Lilly Conference Center and public access for special events, this property has
enabled Phi Kappa Psi to host national conferences and board meetings as well as
gain revenue from rental of the facility to other Indianapolis area citizens. Its
website is www.laurel-hall.com.
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