Phi Psi Today
The Canonsburg Corporation
The Canonsburg Corporation is a board of Phi Kappa Psi members that recognize that the future stability and strength of our Fraternity will depend on the maintenance and safety of our chapter properties. Considered the "national housing corporation," it serves as the ultimate resource for our local corporations in terms of housing assistance.
To get a full understanding, watch this informative webinar about Canonsburg from March 28, 2012.
The Canonsburg Corporation can provide loans to local groups in a variety of housing areas:
- Life Safety Loans - sprinklers, fire-prevention systems, fire doors, extinguishers, etc.
- Property Improvement Loans - renovation projects, updates, etc.
- Second Mortgage Loans - house refinancing loans or support in purchasing a property and acquiring credit
- Line of Credit Loans - bridge money to complete campaigns or start a project
- Communication Program Loans - seed money to start an alumni communication program
The Canonsburg Corporation is funded, in part, by an undergraduate assessment of members. Those undergraduate members that currently are housed and paying into the Fraternity's national property insurance program are assessed an annual fee. With that fee comes benefits for the local corporation, including multiple discounts to a variety of housing vendors. You can access a list of benefits by logging on to Phi Psi Connect.
Currently, the Canonsburg Corporation has provided financial assistance to the following groups:
California Delta - University of Southern California
In need of some renovations to their property, the men from our Southern Cal chapter received a loan from Canonsburg to complete the projects without jeopardizing the protection of their cash reserves.
Florida Alpha - Florida State University
In order to compete on their campus, being housed was a necessity for a growing chapter. Our men at Florida State demonstrated the ability to grow and survive, allowing them to move into the brand new, university-owned Heritage Grove facility. The apartment-style concept allows the brothers to live in a block together and have a common area for chapter purposes. But, they needed a deposit that the chapter and young house corporation couldn't afford. Enter the Canonsburg Corporation to help with the down payment.
Illinois Delta - University of Illinois (Champaign)
A loan from Canonsburg allowed for the installation of a new sprinkler system, fulfilling a requirement mandated by the university in this 106-year-old property.
Iowa Alpha - University of Iowa
Similar to the brothers at California Delta, our chapter house in Iowa City needed some general repairs and renovations. The Canonsburg Corporation has provided the short-term loan support to complete the projects and allow for a more comfortable repayment plan.
Michigan Alpha - University of Michigan
Having been a group leasing space for a long period of time, an opportunity arose for the brothers at Michigan to own their own property again. When a house became available, a capital campaign was in the early works. Canonsburg provided the loan that helped with the down payment on the property and got Michigan Alpha in the door of their new home.
Pennsylvania Lambda - Pennsylvania State University
In the beginning of a comprehensive campaign, the volunteers of our chapter at Penn State wanted to make some life-safety (sprinklers) improvements and other renovations early in the process of their building plan. With many gifts not yet realized, Canonsburg provided the bridge loan that allowed the work to be done now, instead of waiting for the campaign's full completion.
Washington Alpha - University of Washington
In the process of raising millions for a capital campaign, a Canonsburg loan allowed for the house corporation to begin work early, creating a better environment for the undergraduates.
Ohio Nu - Ohio University
A brand new chapter at the time of the loan, Canonsburg provided the money needed for up-front costs and setup of an abandoned fraternity house the chapter was renting.
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