Endowment Fund
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, Inc., organized in 1914, is a 501(c)(3) nonprofit, public educational foundation. As of December 31, 2004 the Endowment Fund had net assets of $18,928,712. In 2004 the Endowment Fund spent $1,085,515 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. The California Epsilon Chapter at the University of California, Los Angeles has the largest Chapter Scholarship Fund, with $1.9 million in 2008.
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.
