One of the Beta Sigma Psi national corporations is little understood and even less used by our active and alumni chapters. That corporation is the Beta Sigma Psi Foundation, Inc.; also known as the Housing Foundation. The Housing Foundation is financially strong with assets in excess of $145,000 and no liabilities.

The Foundation's financial strength was evidenced when it obtained $50,000 financing for renovation of the Kappa chapter house in 1983 to permit its continued operation for student housing as the alumni chapter and national pursued opportunities to recolonize at the University of Minnesota.

In 1989, the Foundation helped the Bloomington-Normal Alumni Chapter purchase a fraternity house for Upsilon Chapter at Illinois State University. The Foundation is now able to more actively participate in such purchases and improvements.

A national speaker on legal liability issues, board members, and guests presented pertinent information on fraternity and property management at the Foundation's Risk Management Seminar in Kansas City in 1988. The board of directors includes people highly qualified in fraternity matters and business affairs. The directors are available to alumni chapters for counsel and advice.

Continuity of management and perpetuation of Beta Sigma Psi chapters are stated Foundation purposes. In the early 1980s the Foundation saw a need for a contract with the alumni chapters. The Perpetuation Agreement developed from a need to insure the continuity of the chapter and the ideals of Beta Sigma Psi. Demonstrating confidence in its purpose, several chapters have executed the agreement. Several others have approached adoption and their agreement is awaiting execution.

Following are the key elements of the Perpetuation Agreement:

1. Accord that the Alumni Chapter and the Foundation are intent on aiding, maintaining, and perpetuating an active chapter on the campus and agreement that continuity of operation and management is critical to achieve that intent.
2. If the active chapter ceases operation, title to the chapters real estate is transferred to the Foundation. The Foundation reserves the assets for the re-establishment of that chapter for at least three years. Beyond that, the assets may be used to perpetuate a Beta Sigma Psi chapter there or elsewhere.
3. Commitment that the Foundation shall have no present rights with regard to the property other than the right to receive the deed if the chapter ceases operation.
4. Commitment that the Foundation will provide consultation, guidance, and advice upon request and without cost to the alumni chapter on financial matters pertaining to the chapter management.
5. Commitment that the Foundation will provide loans and/or guarantees upon approval of the board of directors for new property, building expansions, improvements, etc.