November 3, 2020

From: Executive Board, Tau Alpha Kappa Alumni Association

To: Association Voting Members

Subject: September 29 meeting report

The meeting was held, with some 20 Board & Voting members attending.

Floor discussion included questions regarding the merits of Lehigh University’s counter offer, scholarship fund eligibility, and the financial assets & obligations of the Association. There was general consensus that the offer has merit and comes at an opportune time. Creation of a scholarship fund is consistent with the goals & foundation of the Association.

The tabled August 6 motion was withdrawn, and a motion was brought forward, “For the sale of the Annex and the creation of an Association Scholarship fund.” Of the voting members on the call; 19 were in favor, 2 abstained. With 51 proxies in favor and none against; the motion passed with 70 in favor, 2 abstentions.

A motion was brought forward, “The Alumni Board will recommend reserving a portion of the proceeds for the social function of the Association, subject to Member approval.” With 20 in favor and none against, the motion passed.

The Board will organize a Committee to carry on the Scholarship implementation; information will follow as we work through the details. Board elections will be held during the Annual Meeting on November 21.

Counter Offer Acceptance: During the meeting it was suggested the Association counter Lehigh's initial offer of $145,000. The University has accepted a counter offer of $175,000. The Executive Board recommends accepting this offer.