Statement of RLF Trustees, 2/20/17
Over the weekend, a GoFundMe project was established to "Save the Shant." While anyone can invest or donate their money as they see fit, there are several factors any potential investors or donors may wish to consider.
As background, the Rampant Lion Foundation made the decision to sell the Shant for very compelling business reasons, as explained HERE. While we all feel a degree of sentimentality over the building, emotion should not be an overriding factor in any business decision.
Potential investors should not be swayed by false implications that RLF or DKE are being forced to sell the Shant out of financial need. The simple reality is that continued ownership of the building is not justifiable from a business standpoint, because it no longer serves the RLF's mission of supporting the educational activities of DKE Fraternity. Trustees of any 501(c)(3) charitable foundation have a fiduciary duty to make decisions which support the mission and financial interest of the foundation.
Potential investors in this project should realize that the building is under contract already, at a sales price substantially higher than the goal of the GoFundMe campaign. While the sale is not complete, we expect it to go through. Another consideration for investors is, what happens when the Shant is acquired? Is there a plan to monetize it to support its operation? What is the ongoing cost of keeping the building in operation? What will be the source of ongoing revenue? Who will fund the necessary repairs? We believe that investors should carefully consider these factors, or find answers to these questions, before making a decision to invest.
For more information, please contact firstname.lastname@example.org.
RLF Board of Trustees