Phi Sigma Kappa
- Assets
- $1.1m
- Revenue
- $111.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Troy, NY
- Founding
- 12/1940
- Data as of
- 06/2022
- EIN
- 30-0290695
Organization Overview
Phi Sigma Kappa is located in Troy, NY. The organization was established in 1940. According to its NTEE Classification (B84) the organization is classified as: Alumni Associations, under the broad grouping of Education and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Phi Sigma Kappa is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 06/2022, Phi Sigma Kappa generated $111.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $109.4k during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
MISSION: TO BUY, HOLD, AND MAINTAIN A FRATERNITY HOUSE FOR THE COLONY OF PHI SIGMA KAPPA AT RPI IN TROY, NY, A CHAPTER OF PHI SIGMA KAPPA NATIONAL FRATERNITY; TO HELP ENSURE THE LONG TERM VIABILITY OF THE CHAPTER; AND TO PROMOTE ONGOING GOODWILL AND SOCIAL CONTACT AMONG ITS ALUMNI.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRINCIPAL PROGRAM SERVICE IS MAINTENANCE OF A FRATERNITY HOUSE FOR USE BY THE CHAPTER, THE COLONY OF PHI SIGMA KAPPA AT RPI, EIN 14-6030163. EXPENSES INCLUDE DEPRECIATION ON THE BUILDINGS, FIXTURES, AND EQUIPMENT; PROPERTY TAXES, UTILITIES, PROPERTY INSURANCE, BUILDING MAINTENANCE, ALARM MONITORING, AND INSPECTIONS. THE ORGANIZATION CHARGES THE CHAPTER RENT. A PORTION OF THE RENT IS ALLOCATED TO THE SELF INSURANCE QUASI-ENDOWMENT FUND. ANOTHER PORTION IS ALLOCATED TO THE HOUSE MAINTENANCE FUND. THE REST COVERS THESE NORMAL YEAR-TO-YEAR EXPENSES. IN THIS FISCAL YEAR, THE ORGANIZATION PROVIDED A GRANT TO THE CHAPTER IN THE FORM OF RENT REDUCTION.
THE ORGANIZATION OPERATES THE ISTVAN MORITZ MEMORIAL SCHOLARSHIP PROGRAM TO RECOGNIZE AND REWARD ACADEMIC ACHIEVEMENT AND CONTRIBUTION TO THE CHAPTER BY UNDERGRADUATE MEMBERS.
THE ALUMNI ASSOCIATION'S ANNUAL MEETING HELD IN THE FALL SERVES BOTH AS A BUSINESS MEETING, FOR ELECTION OF OFFICERS, AND OUR PRINCIPAL SOCIAL EVENT EACH YEAR. THERE IS ALSO AN ANNUAL CAMPING TRIP/RETREAT HELD EACH SUMMER WITH ALUMNI AND THE ACTIVE MEMBERS OF THE FRATERNITY. IT FEATURES WORKSHOPS ON RUSH (RECRUITMENT), HOUSE OPERATIONS, AND COMMUNITY INVOLVEMENT.
THE ORGANIZATION OPERATES A 'MICROGRANT PROGRAM' IN COOPERATION WITH A LOCAL NOT-FOR-PROFIT. THE PROGRAM PROVIDES FUNDS TO SUPPORT RENOVATIONS AND BUILDING IMPROVEMENTS IN THE FRATERNITY'S IMMEDIATE NEIGHBORHOOD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Marano President | Officer | 4 | $0 |
Jacob Zadnik Vice President | Officer | 0 | $0 |
Andrew Martin Treasurer | Officer | 2 | $0 |
Julian Casanova Secretary | Officer | 0 | $0 |
Ira Whitman Member At Large | Officer | 0 | $0 |
Joe Defrancisci Member At Large | Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $35,200 |
| Investment income | $75,850 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $111,050 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $603 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $204 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $46,930 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,065 |
| Interest | $897 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,010 |
| Insurance | $14,768 |
| All other expenses | $0 |
| Total functional expenses | $109,409 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $372 |
| Savings and temporary cash investments | $10,148 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,936 |
| Net Land, buildings, and equipment | $522,420 |
| Investments—publicly traded securities | $537,277 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,072,153 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $24,816 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $24,816 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,869 |
| Paid-in or capital surplus, or land, building, or equipment fund | $550,699 |
| Retained earnings, endowment, accumulated income, or other funds | $493,769 |
| Total liabilities and net assets/fund balances | $1,072,153 |