The Mission of Ohio Lambda Company

Ohio Lambda Company (the "Company") was chartered in 1975 as an Ohio not-for-profit corporation. Although not its original chartered purpose, the Company has evolved into the legal entity that has the primary function of holding title to the property at 122 South Campus Avenue, Oxford, Ohio. In December of 1976, the Company received a favorable determination of its status as an exempt organization under the Internal Revenue Code Section 501(c)(2), which it enjoys to this day.

The Company consists of 6 voting undergraduate members and 7 voting alumni members. Other individuals are encouraged to and may attend and participate in meetings. They are, however, not eligible to cast a vote. Each alumni is elected to a two-year term by other graduates from the local chapter. Terms are staggered so that no more than 2 or 3 members will exit the Company at one time, thus creating a somewhat stable experience base. The undergraduate members are the local chapter's President, Treasurer, and Internal VP as well as 3 additional individuals voted on by the chapter. In an attempt to fully represent the entire chapter, each additional individual comes from a different class. All undergraduate members serve one-year terms.

Although specifically designed to simply hold title, the Company is also responsible for the fraternity cook and associated payroll, all tax filings, insurance, and most importantly, capital expenditures to repair, maintain, and keep up the chapter house structure. The alumni members of the Company bring with them experience and working knowledge to guide the undergraduates where necessary and ensure the long-term viability of the tangible physical structure as well as the intangible experience known as Phi Kappa Psi at Miami University.

Articles of Incorporation (Ohio)
IRS Determination Letter

The Mission of Ohio Lambda Foundation

Ohio Lambda Foundation (the "Foundation"), chartered under the laws of the State of Ohio in 1999, is a 501(c)(3), not-for-profit, public educational charity. As such, the Foundation is the only charitable arm of the Ohio Lambda Chapter of Phi Kappa Psi entitling its donors to a full tax deduction within the limits set by the Internal Revenue Code.

The Mission of Ohio Lambda Foundation is "to cultivate and promote high scholastic achievement among the undergraduate members of Ohio Lambda Chapter of Phi Kappa Psi Fraternity". To this end, the Foundation offers annual scholarships and may make grants and loans to further educational opportunities and enhance the learning environment available to the young men of Ohio Lambda.

The Foundation was established as one way to help combat the ever increasing cost of obtaining a higher education. Its main goal is to provide a number of scholarships to members of the local Ohio Lambda Chapter of Phi Kappa Psi Fraternity at Miami University. Scholarships are available to any sophomore, junior, or senior who meets the eligibility requirements. There are currently two different scholarships, each with its own set of criteria.

A board of five Trustees oversees the affairs of Ohio Lambda Foundation, including any scholarship or grant awards or loans. One trustee is ex-officio and as such, maintains a seat on the board via the position of Vice President of Ohio Lambda Company. The remaining four are elected on an annual basis (two every two years) and serve two year terms. Although linked via a common member, the Foundation is a stand-alone legal entity free from the control of Ohio Lambda Company and/or the local Chapter. This arrangement allows for an efficient and independent relationship between all parties with a fiduciary responsibility for the local Chapter and its undergraduates.

Seeded in 1997 with funds raised during the 25th Anniversary Celebration, the Foundation is in constant need of additional support in order to continue its vital Mission. As the Foundation grows, so does its ability to award more scholarships, give grants more frequently, and make additional loans. Donations from alumni and friends of Ohio Lambda are the life blood of the Foundation. Make your mark and ensure a bright future for the Chapter!

Ohio Lambda Foundation Bylaws
Articles of Incorporation (Ohio)
IRS Determination Letter