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Chapter Scholarship Funds are accounts within the Endowment Fund of the Phi Kappa Psi Fraternity, a 501(c)(3) public educational foundation. House corporations and/or alumni groups enter into a management agreement to set up the account. Gifts to the Endowment Fund and any account within it are tax deductible, to the extent allowed by law. Gifts to a CSF are restricted to the account for the benefit of the specific chapter the donor names.

CSF accounts are invested as part of the total Endowment Fund portfolio and they share in the growth of that portfolio each year, based on their percentage of the total corpus. In this way all accounts within the Endowment benefit from professional management, accounting and auditing and grow with the Foundation’s corpus.

Each year the Endowment makes 5% of the balance in each account available to those chapters for scholarships and grants. For many chapters, this helps in recruitment and retention, builds support from parents and the college or university and can help fill beds in the chapter house. Because the growth of the corpus from investment is usually much more than the guaranteed 5%, the chapter receives the scholarship money, but the CSF grows also (even if there are no new gifts to the account). This assures the long-term growth of the account and its benefits far into the future.

Many of the Fraternity’s chapter houses are in dire need of renovation or replacement. Chapter Scholarship Funds can provide a needed source of capital. Chapter house corporations may borrow all or a portion of the chapter’s CSF to fund needed repairs, upgrades or even the purchase of new housing. The beauty of these loans is that the house corporation is borrowing money its own alumni have made available and is paying the note back to its own account. The interest and principal payments are made to the CSF and, after the note is paid off, the money is there, with interest, to be borrowed again.  In addition, the chapter continues to receive 5% of the CSF balance (including the note amount) to award as scholarships.

For chapters with property, the CSF helps to ensure money is available for maintenance and improvements. For chapters without property, the CSF can be their reserve, to draw upon when property comes available. The Chapter Scholarship Fund program is meant to revolutionize the Foundation’s support of chapters. Major gifts and regular annual gifts to a chapter’s scholarship fund can help the chapter to attract the best and brightest men on their campuses and recognize and reward excellence within the membership.