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http://www.yaledailynews.com/article.asp?AID=2695

Published Friday, November 5, 1999
Societies own millions in assets
Scull and Bones tomb valued at $716,000

BY PERRY BACON
YDN Staff Reporter
Scroll & Key, a secret society managed by the Kingsley Trust, is one of at
least five societies meeting in tombs worth over $500,000. Scroll & Key's
tomb is located on College Street. (STEFANO CHAO/YDN) E-mail this article

 Yale's endowment isn't the only part of the university overflowing with
dollars.

The trusts that operate five of the University's major secret societies, Book
and Snake, Burzelius, Scroll and Key, Skull and Bones and Wolf's Head, own
millions of dollars in both New Haven area property and assets. The property
value of each building that houses a society is valued at over $500,000, and
the societies also hold millions in assets gathered from contributions and
investments.

Skull and Bones, the secret society of former President George Bush '48 and
his son, presidential candidate George W. Bush '68, has the most valuable
property, according to figures from the City of New Haven Assessor's Office.

The figures are from 1991, the last time the property was appraised.

The tomb, located on 64 High Street, is valued at $716,600.

The property has been renovated since then and may be valued at an even
higher price when the building is reassessed.

The Russell Trust Association Inc., which operates Skull and Bones, has
assets of $3,674,083 as of June 30, 1998, according to figures available
online at guidestar.org, a site giving information about non-profit
organizations.

The trust earned $738,212 in fiscal year 1997-1998, while spending $219,221.

But the tax figures reveal that Skull and Bones may not be the society with
the greatest amount of assets. Kingsley Trust, which operates Scroll and Key,
has over $5 million in assets, according to tax figures.

The Scroll and Key tomb, across from Silliman College at 44 College Street,
is valued at $525,000 in 1991. This property has also undergone renovations
since its last assessment.

Dave Ambrose, director of operations for the Assessor's Office, said the
reason for the high value of buildings is mainly because of their stone
structure and the expense it would cost to create such a building today.

"You can't find the materials to reproduce [one of the society buildings]. I
don't know how much it would cost," Ambrose said. "The materials are
priceless."

The Phelps Association, which operates Wolf's Head, has a tomb on 214 York St
valued at $675,000. Its assets totaled about $3.4 million as of June 30,
1998.

Book and Snake, located on 145 High Street, has a building worth $675,000.
The trust fund which operates the society, Stone Trust Corporation, has over
$2.2 million in assets. The property of Burzilius, located at 78 Trumbull
Street, is valued at $517,500.



Copyright © 2002 Yale Daily News Publishing Company, Inc. All rights reserved.

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