Purpose of Fund
The Foundation has established a separate fund, named the Unicorn Fund, to support chapter housing. This support is provided by making loan funds available to qualified chapters through the chapter’s alumni house-holding corporation/alumni association. Funds can be used to purchase land, support new construction, remodel, purchase furnishings and/or equipment.
Investment income earned by the fund is used on an annual basis to support the Foundations educational and leadership programs and activities in accordance with IRS guidelines.
The Foundation works to build the endowment for future years by seeking gifts from alumni, alumni organizations, and friends of the Foundation who are interested in helping to provide a positive college home environment for Theta Xi Brothers.
Housing loans will be made, insofar as funds are available, to incorporated property-holding corporations that serve to provide housing and a positive study environment for Theta Xi members. These loans will be granted based upon the submission of a loan application which enables the Unicorn Fund Loan Committee to determine the financial ability of the proposed loan group to repay the loan in a reasonable period of time and provide fair security to the Foundation.
Loans are secured by real property in the form of a mortgage and promissory note. In instances where the college or university owns the land upon which the chapter house is located or is to be built, these arrangements are negotiable to fit the local situation.
The loan maximum is normally $35,000, but is subject to special consideration. The preferred loan term will be ten (10) years, not to exceed twenty (20) years. The initial loan rates will be established as follows:
-- For loans secured by a first mortgage, 1% over St. Louis prime rate.
-- For loans secured by a second mortgage, 2% over St. Louis prime rate.
For loans in excess of $35,000 to $100,000, contact the Theta Xi Foundation directly at 314-993-6888 to discuss alternatives that may be available.
For more information or to request a Unicorn Fund Loan Application Form, contact the Foundation office at:
Theta Xi Foundation
P.O. Box 411393
St. Louis, M0 63141