The Lambda Chi Alpha House at Arkansas State University: A Timeline
The following timeline was compiled from various sources in connection with the House Corp.'s paying off the mortgage on the fraternity house on Oct. 5, 2020, and a subsequent Mortgage Burning Ceremony on Oct. 31. It is intended to show the history of the House Corp. and fraternity house. Anyone with corrections and-or additional information is asked to send it to Roy Ockert at [email protected].
from papers filed in the Craighead County Circuit Court, Feb. 6, 1962: • The incorporation of Iota Theta Zeta House Corporation of Lambda Chi Alpha has been approved. • Incorporators were listed as Alfred C. Lindsey #4, Henry Gschwend #8, Jerry Watkins #91 and James Frierson #103.
from The Leader, Spring 1962: • A House Corporation has been chartered and organized. Jim King #25 is the president, and Henry Gschwend is secretary-treasurer.
from The Leader, Spring 1968: Several alumni met May 4 and elected a board of directors for the House Corp. Board members are Nick Wilson, Ron Carmack, Bob Gibson, Henry Gschwend, Bill Moore, High Alpha John Phelps and High Tau Ricky Gatewood.
from The Leader, Fall 1974: • Bids on an 8-bedroom house exceeded projected costs by nearly 200%. The lowest bid was $165,000. Money available in the House Fund and from a possible loan was $100,000.
from The Leader, Fall 1978: • A meeting of alumni has been called for Nov. 8 in the suite to discuss selection of a contractor and review house plans.
from The Leader, Fall 1978: • Freddie Huggins,. House Committee chairman, announced that plans had been approved for a 2-story house, 70 by 44 feet, with eight bedrooms. • The article also quoted from a Jonesboro Sun article that said Lambda Chi Alpha had become the first fraternity to request a lease on one of eight 1-acre lots set aside by the ASU board for Greek groups to build on. •The House Fund has about $30,000 in it.
from a letter dated June 30, 1984, and signed by Tommy Taggart, president of the Iota Theta Alumni Association: • The alumni board has learned from the ASU administration that we will lose the suite in Danner Hall, effective with the fall semester. • Possible actions listed were: (1) form an alumni association, (2) build a lodge. • The letter said that two groups have houses, that Sigma Pi has a house off campus and that Tau Kappa Epsilon is completing a 24-man house on campus. • Taggart said the alumni need to raise $300,000 to build a lodge.
from an unsigned letter dated Oct. 31, 1984: • A meeting of all alumni has been called at Homecoming to kick off a drive to build a lodge. • An architect is working on specifications and will soon be taking bids for construction. Artist’s drawings of the outside of the house and floor plans were included in the mailing. • A site on Robinson Street, near the $12 million Convocation Center that will soon be built, has been identified. • A drive was launched to raise $185,000.
from a letter to alumni dated Dec. 4, 1984, and signed by Taggart: A meeting of 35 alumni and brothers was held on Homecoming weekend, and house plans were approved. The dormant House Corp. has been reactivated. The Alumni Association, which has 75 dues-paying members, was expanded. A fund-raising drive was launched by collecting $15,000 in cash and pledges. A fund-raising goal was set — $185,000 over the next two years, with $90,000 in cash to be collected by Dec. 3, 1984. Construction cost estimates have been revised to $370,000. A loan of $135,000 at 12.5% interest has been promised by Home Federal Savings & Loan through Brother Bob Gibson. The existing house fund contains about $50,000, which leaves a balance needed of $185,000.
from a letter dated Jan. 30, 1985, and signed by Taggart: The association has $43,015 in pledges from alumni and a $10,000 pledge from the active chapter.
from a letter dated March 11, 1985, and signed by Taggart: At the 25th annual Founders Day (1984) “we learned we were to be evicted from the Danner suite, which was already a liability.” TKE is now in its new house on campus, Sigma Pi in a new house off campus, Pi Kappa Alpha and Sigma Phi Epsilon are moving on plans for houses. We have raised $60,000 in pledges, but the goal was $185,000, with $90,000 in cash. Only 70 alumni have pledged, with the amounts ranging from $10 to $3,000.
from a letter dated July 11, 1985, and signed by Doug Wood: The House Corp. met last week to discuss the selection of a contractor and narrowed the possibilities to two. Another meeting scheduled for July 23 at Taggart’s office, Port of Augusta. We have pledges of $83,150 from 130 members, 18% of the brotherhood. The House Corp. is executing a promissory note to the Savings & Loan for $75,000, using as collateral personal guarantees from 15 brothers with a limit of $5,000 liability for each. Ten guarantees have been secured; five more are needed. The hope is to begin construction by Aug. 1. Taggart was elected as president, Gibson as vice president, John Phelps as secretary-treasurer. Other board members were Doug Wood, Stan McPike, Roy Ockert, H.T. Moore, Alan Crancer, Charlie Crow, Bob Wood and Barry Forrest.
from a letter dated July 30, 1985, and signed by Taggart: Said the goal for pledges was $165,000, but that to date the total pledged was $83,750, with $25,860 collected and $50,000 in the House Fund. 138 of 712 alumni have pledged. A lease has been signed with ASU for property on which to build the house, to expire in April 2025. Construction has begun near the site on the Convocation Center, now estimated to cost $15 million.
from a letter to House Corp. directors dated Aug. 16, 1985, and signed by Doug Wood: A meeting to sign the loan documents has been delayed. Bid openings are set for Aug. 23.
from a letter to House Corp. directors dated Aug. 29, 1985, and signed by Doug Wood: Bids were opened Tuesday night, but the low bid, from Can Do Construction of North Little Rock, was still too high. The architect was authorized to negotiate to get the contract down to $310,000. Personal guarantee forms were included for those who had agreed to guarantee the loan from Home Federal.
from a letter to alumni dated Sept. 24, 1985, and signed by Doug Wood: Last night the House Corp. board meet at the Port of Augusta and approved a contract of $342,055.50 for the construction of a chapter lodge, with an additional $18,000 approved for possible change orders. A meeting of all alumni was set for Oct. 7, 1985, in the Danner suite to ratify the actions. Bids had come from Roy Cooper for $456,000 and John Weeks for $390,000. It was decided to go with Weeks if he can get the price down to $310,000. Others attending were board members Taggart, Gibson, Phelps, Ockert, Barry Forrest, Joel King and Bernie Simpson. A document specifying that action, as well as authorizing a construction loan of $250,000 from Home Federal Savings & Loan Association, dated Sept. 23, 1985, was signed by Phelps, High Pi Warren Dupwe, Doug Wood, Crow, McPike, Bob Wood, Crancer, High Alpha Todd Girtman, High Tau Todd Gorton and Taggart.
from a letter to alumni dated Jan. 3, 1986, and signed by Doug Wood: The House Corp. met Dec. 16 and elected officers: Doug Wood, president; Ron Bailey, vice president; Alan Crancer, secretary; and Bill Foster, treasurer. A Construction Committee was named — Warren Dupwe, Joel King and Bernie Simpson. Chapter leader was Jeff Stotts, High Alpha. It is hoped to move residents in by Feb. 1, 1986, and hold a dedication ceremony at Founders Day in March.
from a letter to House Corp. directors dated Jan. 21, 1986, and signed by Doug Wood: Called for a meeting of the board to adopt house rules submitted by High Pi Warren Dupwe on behalf of the chapter. A ribbon cutting was set for Feb. 16. Founders Day weekend was set for April 12-13.
from minutes of the House Corp. board meeting on Feb. 4, 1986: The board meet and agreed to furnish each bedroom with the following: one 4-drawer dresser, one 42- to 48-inch table/desk and two Hollywood bed frames with box springs and mattresses. The income projected for operation of the house: — Rent from 24 men at $160 per month for nine months = $34,560. — Parlor fee from 36 men at $15 per month for nine months = $4,860. — Total annual income = $39,420.
from minutes of the House Corp. board meeting on April 12, 1986: Total pledges to date were $83,617.92, of which $37,300.42 had been collected, leaving $46,317,500 uncollected. The debts as of April 11 totaled $294,213.91. The loan projected for debt service was $176,500. The total cost of construction was $361,000, while the original projected cost had been $346,000. VP Bailey said 104 alumni are “missing,” meaning that we don’t have valid addresses for them.
from minutes of the House Corp. board meeting on Feb. 4, 1986: The board meet and agreed to furnish each bedroom with the following: one 4-drawer dresser, one 42- to 48-inch table/desk and two Hollywood bed frames with box springs and mattresses. The income projected for operation of the house: — Rent from 24 men at $160 per month for nine months = $34,560. — Parlor fee from 36 men at $15 per month for nine months = $4,860. — Total annual income = $39,420.
from minutes of the House Corp. board meeting on Sept. 19, 1986: • Status of the house report: — Several leaks in the roof. — A refrigerator-freezer is needed in the kitchen. — An ice-maker is needed. — The microwave is not working. As of Sept. 15, the house had only 16 residents.
from minutes of the House Corp. board meeting on Nov. 26, 1986: •A letter from Home Federal said the construction loan of $295,000 was due Sept. 23 and had not been paid. The interest on the loan amounts to $25,243. The balance of the Alumni Association account is $10,888.37; the balance of the House Account is $10,262.71.
from a letter to alumni dated May 23, 1988, and signed by Doug Wood: The loan balance remains at $295,000. The house is running a deficit of $6,000 per year. The House Corp. will be asked to borrow $5,000 to pay the property insurance premium.
from a letter to alumni dated Aug. 8, 1990, and signed by Doug Wood: The balance on past due interest with Home Federal is $17,500 and can’t be refinanced. Home Federal agreed to reduce the interest rate from 11% to 10% and to give us one year to find permanent financing. The House Corp. wants to borrow $17,500 from alumni by issuing promissory notes, payable in one year.
from The Leader, Fall 1990: Front-page phone shows Bryan Henry, #761, installed the first of five brass nameplates on one of the doors leading into one of the 12 suites in the house. Any alumnus who gives over $2,500 toward the house was to have a room/suite named after him.
from a claim sheet provided by James R. Favor Insurance Co., Nov. 26, 2013: The house sustained damages to the roof in a windstorm on June 15, 1991. The loss was later placed at $83,174.
from The Leader, Fall 1992: The TKE house has been foreclosed by Home Federal S&L because of a default on interest payments on a $175,000 loan.
from The Leader, Spring 1997: The house manager reported on various renovations, including this: “Replaced sheetrock in the men’s bathroom with three-quarter-inch plywood and then wallpapered over it. Let’s see someone punch a hole in that.”
from a claim sheet provided by James R. Favor Insurance Co., Nov. 26, 2013: The house sustained damages to the roof and water damages to the interior in a storm on April 3, 1999. The total damages were later placed at $131,721.
from an email attributed to King Benson, House Corp. president, about Aug. 27, 2001, board meeting: Much of the discussion was on damages to the house and whose responsibility it was. The board recommended a fine of $50 if the damage was caused by an accident and $100 “if drunk and stupid.” Also recommended: if no one claims responsibility, the chapter will be fined $10 per brother. A goal of $50,000 was set for fund-raising at Homecoming.
from minutes of House Corp. board, Oct. 19, 2003: Reorganized board met to discuss the dire financial condition of the house and its operations. Treasurer Jason Willis reported that the property insurance on the house had been canceled for nonpayment of the premiums. He had secured a short-term loan of $11,000 to have it reinstated after the bank holding the mortgage contacted him. He also discussed refinancing the first lien mortgage of about $350,000, the second mortgage of about $44,000 and the temporary loan.
from minutes of House Corp. board, Nov. 2, 2003: High Tau Josh Eggers reported that only six brothers are living in the house but that three more planned to move in soon. He also said about half the 31-man associate class of the Fall 2002 was inactive but remained on the national roster, causing the chapter to fall behind on payments to IHQ. The chapter made its $7,000 monthly payment to the House Corp. for the first time in many months. High Pi Stan McPike reported the chapter has been placed on social probation for one year because of a social function, during which members of another fraternity brought two coolers of alcoholic punch into the house.
from the minutes of a House Corp. board meeting on Oct. 2, 2010: In a meeting held on Homecoming weekend the board decided to proceed with a capital campaign to raise money for major repairs to the house. Charlie Crow presented an outline for conducting the campaign.
from The Leader, January 2011: Iota Theta House Corp. reorganizes under new incorporation as Lambda Chi Alpha at Arkansas State University Inc. Fund-raising campaign announced for major renovations and repairs to the house.
from a report on Founders Day, April 9, 2011, by Roy Ockert: High Five for Lambda Chi campaign launched with a goal of $150,000. Pledges of $60,000 were received after the Founders Day presentation. Later Founders Day speaker Jim Callaway, Iota Theta 214, pledged $50,000 to give the campaign a major boost.
from The Leader, April 2012: High Five for Lambda Chi campaign has raised $207,609 in cash and pledges; 114 alumni made pledges. Short-term loan of $70,000 allowed the House Corp. to begin a major house renovation project in the fall. First phase of the project, costing about $110,000, completed in December 2011. Phase two, costing between $50,000 and $75,000 planned for the summer.
from the High Five chart maintained by Roy Ockert, House Corp. treasurer: The final total of money pledged was $217,559 with 132 alumni participating, with many brothers making their payments over five years. The total amount collected was $194,191.
from Quicken files maintained by Roy Ockert, House Corp. treasurer: • The campaign loan of $70,000, made at Centennial Bank on Nov. 19, 2011, was paid in full on Nov. 16, 2016.
from Quicken files maintained by Roy Ockert, House Corp. treasurer: Feb. 11, 2004, balance on the house mortgage at First Community Bank (now Iberia Bank) was $346,000. March 3, 2009, remaining balance of $297,030.90 paid off (balloon). March 14, 2009, loan refinanced at $297,094.57 at the same bank, then called Pulaski Bank. Interest rate was 6.5%. Feb. 29, 2012, remaining balance of $245,500 paid off (balloon). Feb. 12, 2012, mortgage loan opened at $246,509, at Liberty Bank (now Centennial). Interest rate was 4.95%. Feb. 26, 2018, mortgage loan refinanced with balance at $102,417.41. March 12, 2018, new mortgage loan account opened at $103,811.88 at the same interest rate. With 44 payments scheduled, the loan would pay off on Oct. 24, 2021. Sept. 24, 2020, regular payment of $2,583.76 reduced loan balance to an estimated $5,527.69. Oct. 5, 2020, payment of $4,338.83 made to retire the mortgage.