fraternity alumni

How to set up a housing trust in Florida?

My fraternity chapter wants to set up a housing trust with the ultimate goal of buying the property and house we currently rent on campus. We are located in Florida, specifically Coral Gables (Miami) at the University of Miami. The way it would work would be alumni dues would go to this trust, as would a portion of undergraduate dues, and eventually the trust would build up to allow us to purchase the property.

Our question is how we would go about doing this? We don’t have the money to hire a lawyer to help us with this, at least for a consultation. We do have a lawyer who can sign off and help us on paperwork, but he doesn’t work in real estate, so is unfamiliar with exactly what he’d need to do. With that in mind, can anybody point us inthe right direction??

Surely one of your fraternity brothers/alumni must have gotten into Uof M Law school! Is there a national fraternity headquarters that can help? Do you have a faculty adviser with business school connections?

You NEED accounting and legal help. Generally: If the Frat is already a not for profit corporation, why not just have it qualified as a tax-exempt 501 organization? Just have the Corp accumulate the $$ & use it to purchase. OR you can form a trust whose beneficiaries is the non-profit corp or the fraternity members.

isidorian fraternity recruitment (alumni)

Tagged with: alumni • association • dtd • fraternity • relations

Filed under: Fraternity and Sorority

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