The housing corporation handles the living operations of the undergraduates. The H.C. handles leases, rent, utilities and maintenance of the fraternity house. The H.C. can also be used to take out loans from a bank for the purchase of a new fraternity house. Donations to the HC are tax deductible.
The chapter scholarship fund is an individualized account set up for Illinois Epsilon. The fund grows through alumni donations and group management through the national fraternity. The individual chapter is allowed to withdraw 5% every year for scholarship purposes which can be used for recruitment (i.e. freshmen scholarship). The chapter may also borrow against the CSF for the purchase of a new house or the renovation of an existing house. Donations to the CSF are tax deductible.
Donations made to the individual chapter are deposited in the general bank account of the chapter. Donations are used to aid in the day to day operations of the chapter such as recruitment, philanthropy, alumni events etc. Donations made directly to the chapter are NOT tax deductible.