Phi Kappa Psi

Endowment Fund

Like many fraternal organizations the Phi Kappa Psi fraternity runs an independent endowment for the educational benifit of its members. This endowment fund, organized in 1914, is a 501(c)(3) nonprofit, public educational foundation. As of December 31st, 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 brothers.

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Altough established in 1914 it was not until 1994 that the fraternity's endowment fund began to flurish. In that year net assets totaled a mere $620,503. Ten years later that ammount grew to almost $19 million. In 2004 under the leadership of Tom Pennington, director of development for the fund, and Wayne Wilson, probate attorney and chairman of the fund, the Phi Kappa Psi endowment fund became the largest endowment fund of any American or International collegiate fraternity or sorority. Generous giving by wealthy alumni such as Jerry Nelson and Bruce McMahan 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 benifit of a specific chapter. This has spurred giving among those who have a strong connection with the chapter at their collegiate alma matter. The Phi Kappa Psi chapter at USC (University of Southern California) has the largest chapter scholarship fund with $1.3 million in 2004.

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