Tau Phi Delta Endowment Fund

Where is the Tau Phi Delta Endowment Fund?

Our Endowment Fund continues to grow.  The Fund is currently carried in two accounts.  The bulk is in a Schwab account in CD’s with an average interest of 4.3%, and the residual is in money market.  This is co-managed by Leesport Financial where Br. Rob Muti keeps an eye on it.  Our statement savings account is with the House’s active account in Citizens Band (was Mellon), but is accessed independently. A small balance is kept here, as this is our account of record for donations to the Fund.  All distributions from either of these accounts must have three registered signatures following the approval of the BOD.

Who is Br. Richard Hartley?

Now some sad news-good news.  Br. Richard Hartley, pledge class of ’48, passed away last winter.  In his will he designated an undisclosed amount be left to the Tau Phi Delta Endowment Fund.  Br. Hartley and I corresponded and spoke several times, but I had no inkling of this bequest until we received notification from the Estate through Citizens Bank that TPD was in his will.  I have spoken to the Estate Attorney and the Executor.  Both believe we should get the full amount in the will, but that will actually depend on the sale of his farm and some other assets this fall.  We will not receive our share until next spring.  The Executor has decided to wait until Br. Hartley’s estate is completely settled and taxes paid before making any distributions.  I expect by Spring Homecoming  ’04 to have payment.  If any one has any recollections of Br. Hartley, please pass those on to me.  We are planning an appropriate plaque or something similar for the Chapter Room.

Why do We Need an Endowment Fund?

Some Brothers have asked why we need the fund, how it will be used, etc.  The long-range goal is clearly to insure that as long as there is a Penn State, that there will be a Tau Phi Delta Fraternity.  Though we would like to see a substantial amount build in the Fund, the BOD has indicated it will very judiciously undertake using some of the Fund’s resources. 

After receipt of the Hartley monies, the BOD is considering partially using Fund resources to:  1, pay off the mortgage balance; and/or 2, assist in paying for installing sprinklers in the House (if and when required).  Beyond that, the Fund, through interest etc., will insure that we can always meet fixed demands like insurance (in particular), taxes, and House maintenance requirements that may be beyond the ability of the Actives at certain times.  

As Brothers, you can be totally assured that the Fund will always be used to help keep Tau Phi Delta an active group of young men following the same traditions and goals as we all had as undergrads.  We have not yet set a specific dollar goal for the Fund, but with Br. Hartley’s contribution as a huge jump- start, let’s start thinking about having $1 million in assets (in-hand and committed in estates etc.) by our 100^th anniversary in 20 years. Please let me know if you have or are putting the Fund in your will, insurance policy, etc.  It will be kept confidential.

How Can I Contribute to the Fund?

Tau Phi Delta Fraternity Penn State
Endowment Fund
427 E. Fairmount Ave.
State College, PA 16801
c/o Citizens Bank, State College, PA.  

Checks for direct contributions just need to be made out to Tau Phi Delta Endowment Fund. Please check with me to obtain our account numbers to include in an estate or insurance instrument.

Bob McColly
P.O. Box 810
Ligonier, PA 15658
(724) 238-2880
forestls@comcast.net