IFC changes scholarship fund
The Intrafraternity Council (IFC), which governs the thirty fraternities on campus and handles relations between the Institute and the fraternities, is in the process of introducing special endowment scholarships for greeks.
According to IFC president Michael Moreland, this is part of the progress that is being made to improve relations with the Institute.
“IFC has made a lot of progress in the last three years to catch up. We have discovered discrepancies in our own bylaws and we are playing a more vital role in day-to-day operations of the fraternities,” Moreland said.
“We have also established a new account for sponsoring other student organizations in the spirit of collaboration,” Moreland said.
Moreland added that the IFC’s proposals were always in line with student life and student affairs. “It gave us a good picture of where student affairs were going and what greeks had to offer.”
The endowment scholarships are financed by a special scholarship fund, which is funded by the dues paid by each chapter.
“There has been money going into the fund, but it was never carried out to its full potential,” Moreland said. “The money would end up being spent on sudden issues and was in a regular Merrill Lynch bank account.”
The scholarship fund money, however, has now been transferred to an account in the Georgia Tech Foundation.
“The advantage of this is that we’re contributing to the foundation and we’re keeping money within the school,” said IFC Treasurer Trevor Kramer.
According to Kramer, transferring the funds to the Georgia Tech Foundation account is expected to provide a return of 10 to 15 percent. The Merrill Lynch account generated only one to two percent interest.
“Five to ten years from now the money we can give is going to be very substantial,” Kramer said.
A meeting had been set up with John Carter, the president of the Georgia Tech Foundation, to discuss concerns about the scholarship money. While the IFC had $30 ,000 dollars in its account, it only took $25, 000 to start up the endowment.
While the criteria for the scholarships have not been decided yet, Kramer said the scholarships would have a greek influence. The IFC will also be working with the Office of Financial Aid and have a committee that interviews and judges potential candidates.
“The money was given by them [the greeks], so we want to give it back to them,” Kramer said.
According to Moreland, the IFC’s goal is to award two to three $1,000 scholarships every year.
Most greeks felt that this was a step in the right direction.
“I think it’s a good idea because it encourages people who join fraternities to keep up their GPA,” said Brendan O’Leary, a first-year Chemical Engineering major and a member of Tau Kappa Epsilon.
“Academics are not always first. But when you’re giving out scholarships, it helps to influence members of the greek community to increase academics and compete.”
Benji White, a second-year Biomedical Engineering major and a member of Delta Sigma Phi, said that he had a similar viewpoint.
“I think it’s a great idea. While some fraternities already have scholarships for good grades, I think it’d also promote high leadership,” White said. “I guess some people will see a few people get it the first time around, and then they would start to work for it. In the beginning it’d be random people that are doing well out there on campus and making a difference.”
“This is something we’re really excited about. We set some goals to make a lasting impact on campus and on greek life in general, and I think creating this scholarship fund will achieve that goal for us,” Kramer said.
