The Finance and Insurance Committee has as a goal of understanding the current financial health of our member organizations and the long term requirements for sustaining financially healthy Chapters. The committee negotiates for general liability, umbrella liability, property, boiler, D&O (Directors & Officers), and commercial crime insurance for the AILG, and the preponderance of our members and their undergraduate chapters at MIT. Contact Finance and Insurance Committee Stan Wulf (firstname.lastname@example.org) for more information.
Please note that the finances of the AILG itself are handled by the treasurer, rather than the Finance Committee.
Many of the FSILGs at MIT are required to purchase liability insurance through their national organizations, but for those groups without national organizations or with the freedom to purchase insurance elsewhere, the AILG insurance program provides competitively priced insurance written for collegiate fraternal organizations which is not readily available elsewhere to an individual organization. The various types of insurance can be purchased a la carte and with various deductibles to suit the needs of the organizations. The annual renewal process begins in January for the April 1 policy renewals.
For more information about AILG and member insurance, see the insurance information page.
Annual Housebill Analysis
Historically, the AILG conducted an annual Housebill Analysis study to help provide data that may assist AILG members in making informed decisions about the operation of their individual houses. This data included both operating expense data as well as comparative housebill data, aimed at helping to answer questions such as:
- Is our house paying more than average for a given operating expense (e.g. electricity, trash pickup, etc.)?
- How does the cost of living in our house compare to living in the dorms or the average FSILG?
The Housebill Survey is now being conducted by the FCI. Previous reports from the committee have been placed in your group’s individual FCI locker (see below for details).
Previous years’ results and surveys can be found below:
The results of the all Housebill Surveys are distributed to each house’s online FCI document locker, which you can find by logging in at: http://inside.fsilg.coop (If you are unsure of your username / password, contact Scott Klemm at email@example.com.) Located in the “Other Documents” section of your locker you should find:
- “20xx AILG Housebill Analysis – Full Report” – the full report containing all charts, narrative and anonymous, summarized data
- “20xx AILG Housebill Analysis” – a personalized report for your own organization that details your own organization’s data
Long-Term Maintenance Funding Study
The Finance Committee has been examining the topic of what member organizations are doing to set aside funds for long-term maintenance / capital improvement. A goal is to help identify “best practices” and perhaps some sort of financial model that can help member organizations be thoughtful about financial planning for long-term maintenance and capital needs. If you have suggestions or requests regarding this study, please contact Ernie Sabine (firstname.lastname@example.org).
FSILG Fundraising Seminars
From time to time, the AILG Finance Committee organizes Fundraising Seminars. The most recent was held on Thursday, April 23, 2015. The slides can be found HERE and the contact list is posted HERE. The slides for the February, 2014 seminar can also be found HERE. These seminars are intended for all FSILG officers contemplating or starting a fundraising campaign. MIT has a lot to offer
Information produced and shared as part of this Financial Study will only be presented anonymously and will not be identified by specific house.
AILG Finance and Insurance Committee
The current AILG Insurance Committee members are:
• Stan Wulf ’65 (Chair)
• Carl King ’65
• Bob Ferrara ’67
• Contractor: FSILG Cooperative, Inc.
Periodically, the Committee consults with MIT Insurance staff. The Committee works with Holmes Murphy (formerly Willis, formerly Kirklin) on the group insurance policies, and also makes recommendations about the appropriate levels of insurance for house corporations to carry.