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      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>CAMPAIGN/CONSTRUCTION INCOME</Desc>
        <BusinessCd>531110</BusinessCd>
        <TotalRevenueColumnAmt>9723</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>9723</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>8422003</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>99752</TotalRevenueColumnAmt>
        <ExclusionAmt>99752</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossRentsGrp>
        <RealAmt>816710</RealAmt>
      </GrossRentsGrp>
      <LessRentalExpensesGrp>
        <RealAmt>882618</RealAmt>
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      <RentalIncomeOrLossGrp>
        <RealAmt>-65908</RealAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>-65908</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>-65908</UnrelatedBusinessRevenueAmt>
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      <OtherRevenueMiscGrp>
        <Desc>MISCELLANEOUS</Desc>
        <BusinessCd>900003</BusinessCd>
        <TotalRevenueColumnAmt>1043057</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1043057</RelatedOrExemptFuncIncomeAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>1043057</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>15397049</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>9465060</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>-65908</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>99752</ExclusionAmt>
      </TotalRevenueGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>845842</TotalAmt>
        <ProgramServicesAmt>845842</ProgramServicesAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>11223</TotalAmt>
        <ProgramServicesAmt>11223</ProgramServicesAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>19870</TotalAmt>
        <ProgramServicesAmt>19870</ProgramServicesAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>26058</TotalAmt>
        <ProgramServicesAmt>26058</ProgramServicesAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>11663</TotalAmt>
        <ProgramServicesAmt>11663</ProgramServicesAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>186202</TotalAmt>
        <ProgramServicesAmt>186202</ProgramServicesAmt>
      </FeesForServicesAccountingGrp>
      <AdvertisingGrp>
        <TotalAmt>1120</TotalAmt>
        <ProgramServicesAmt>1120</ProgramServicesAmt>
      </AdvertisingGrp>
      <OfficeExpensesGrp>
        <TotalAmt>16030</TotalAmt>
        <ProgramServicesAmt>16030</ProgramServicesAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>48536</TotalAmt>
        <ProgramServicesAmt>48536</ProgramServicesAmt>
      </InformationTechnologyGrp>
      <OccupancyGrp>
        <TotalAmt>111001</TotalAmt>
        <ProgramServicesAmt>111001</ProgramServicesAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>22662</TotalAmt>
        <ProgramServicesAmt>22662</ProgramServicesAmt>
      </TravelGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>89182</TotalAmt>
        <ProgramServicesAmt>89182</ProgramServicesAmt>
      </ConferencesMeetingsGrp>
      <InterestGrp>
        <TotalAmt>905700</TotalAmt>
        <ProgramServicesAmt>905700</ProgramServicesAmt>
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      <DepreciationDepletionGrp>
        <TotalAmt>1464562</TotalAmt>
        <ProgramServicesAmt>1464562</ProgramServicesAmt>
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      <InsuranceGrp>
        <TotalAmt>183062</TotalAmt>
        <ProgramServicesAmt>183062</ProgramServicesAmt>
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      <OtherExpensesGrp>
        <Desc>FOOD</Desc>
        <TotalAmt>2129803</TotalAmt>
        <ProgramServicesAmt>2129803</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>UTILITIES</Desc>
        <TotalAmt>1546843</TotalAmt>
        <ProgramServicesAmt>1546843</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>REPAIRS &amp; MAINTENANCE</Desc>
        <TotalAmt>1133743</TotalAmt>
        <ProgramServicesAmt>1133743</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>BAD DEBT</Desc>
        <TotalAmt>361874</TotalAmt>
        <ProgramServicesAmt>361874</ProgramServicesAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>862379</TotalAmt>
        <ProgramServicesAmt>862379</ProgramServicesAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>9977355</TotalAmt>
        <ProgramServicesAmt>9977355</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>880494</BOYAmt>
        <EOYAmt>1000274</EOYAmt>
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      <SavingsAndTempCashInvstGrp>
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        <EOYAmt>116624</EOYAmt>
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      <AccountsReceivableGrp>
        <BOYAmt>304927</BOYAmt>
        <EOYAmt>445964</EOYAmt>
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      <OthNotesLoansReceivableNetGrp>
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        <EOYAmt>2701627</EOYAmt>
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      <PrepaidExpensesDefrdChargesGrp>
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        <EOYAmt>236349</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>50396074</LandBldgEquipCostOrOtherBssAmt>
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      <LandBldgEquipBasisNetGrp>
        <BOYAmt>32169074</BOYAmt>
        <EOYAmt>37613441</EOYAmt>
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      <OtherAssetsTotalGrp>
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        <EOYAmt>1863603</EOYAmt>
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      <TotalAssetsGrp>
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        <EOYAmt>43977882</EOYAmt>
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      <AccountsPayableAccrExpnssGrp>
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        <EOYAmt>198796</EOYAmt>
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      <DeferredRevenueGrp>
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        <EOYAmt>8500</EOYAmt>
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        <EOYAmt>26762404</EOYAmt>
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      <UnsecuredNotesLoansPayableGrp>
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        <EOYAmt>1972323</EOYAmt>
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      <TotalLiabilitiesGrp>
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        <EOYAmt>28942023</EOYAmt>
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      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
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        <EOYAmt>15035859</EOYAmt>
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      <TotalNetAssetsFundBalanceGrp>
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      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>37161340</BOYAmt>
        <EOYAmt>43977882</EOYAmt>
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      <ReconcilationRevenueExpnssAmt>5419694</ReconcilationRevenueExpnssAmt>
      <PriorPeriodAdjustmentsAmt>622</PriorPeriodAdjustmentsAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>0</FSAuditedInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleD documentId="RetDoc1040000001">
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        <OtherCostOrOtherBasisAmt>10973284</OtherCostOrOtherBasisAmt>
        <BookValueAmt>10973284</BookValueAmt>
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      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>37744587</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>11569179</DepreciationAmt>
        <BookValueAmt>26175408</BookValueAmt>
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      <LeaseholdImprovementsGrp>
        <OtherCostOrOtherBasisAmt>9021</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>9021</DepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </LeaseholdImprovementsGrp>
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>609508</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>447382</DepreciationAmt>
        <BookValueAmt>162126</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp>
        <OtherCostOrOtherBasisAmt>1059674</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>757051</DepreciationAmt>
        <BookValueAmt>302623</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>37613441</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>GAMMA DELTA HOLDING ACCOUNT</Desc>
        <Amt>10440</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>EQUITY CREDIT</Desc>
        <Amt>1961883</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>1972323</TotalLiabilityAmt>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="RetDoc1042400001">
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      <ClubDuesOrFeesInd>X</ClubDuesOrFeesInd>
      <WrittenPolicyRefTAndEExpnssInd>0</WrittenPolicyRefTAndEExpnssInd>
      <SubstantiationRequiredInd>0</SubstantiationRequiredInd>
      <SeverancePaymentInd>0</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>0</EquityBasedCompArrngmInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JAKE HENDERSON</PersonNm>
        <TitleTxt>CEO</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>225000</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>45000</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>8431</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>278431</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>GREG BUEHNER</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <BaseCompensationFilingOrgAmt>139658</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>8000</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>6029</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>153687</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
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    <IRS990ScheduleL documentId="RetDoc1042800001">
      <BusTrInvolveInterestedPrsnGrp>
        <NameOfInterested>
          <PersonNm>CHET MIRABAL</PersonNm>
        </NameOfInterested>
        <RelationshipDescriptionTxt>BOARD MEMBER</RelationshipDescriptionTxt>
        <TransactionAmt>48261</TransactionAmt>
        <TransactionDesc>EVALUATING AND MANAGING REPAIRS TO FRATERNITY HOUSES</TransactionDesc>
        <SharingOfRevenuesInd>0</SharingOfRevenuesInd>
      </BusTrInvolveInterestedPrsnGrp>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <RealEstateResidentialGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>2</ContributionCnt>
        <NoncashContributionsRptF990Amt>6078755</NoncashContributionsRptF990Amt>
      </RealEstateResidentialGrp>
      <AnyPropertyThatMustBeHeldInd>0</AnyPropertyThatMustBeHeldInd>
      <ReviewProcessUnusualNCGiftsInd>0</ReviewProcessUnusualNCGiftsInd>
      <ThirdPartiesUsedInd>0</ThirdPartiesUsedInd>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>PRIOR TO FILING THE FORM 990, THE CHIEF EXECUTIVE OFFICER OF PI KAPPA PHI PROPERTIES CONDUCTS A DETAILED REVIEW OF THE TAX RETURN. A REVIEW LIST OF ANY QUESTIONS AND COMMENTS IS PREPARED AND DISCUSSED WITH THE TAX RETURN PREPARER. UPON SATISFACTION OF ANY FOLLOWUP ITEMS, AN ELECTRONIC OR HARD COPY OF THE FINAL RETURN IS FORWARDED TO EACH BOARD MEMBER FOR REVIEW PRIOR TO FILING WITH THE IRS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>PI KAPPA PHI PROPERTIES REQUIRES EACH BOARD MEMBER TO REVEAL POSSIBLE CONFLICTS OF INTEREST IN AN ANNUAL DISCLOSURE STATEMENT.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 18</FormAndLineReferenceDesc>
        <ExplanationTxt>TAX RETURN IS AVAILABLE FOR REVIEW BY WRITTEN REQUEST TO THE ORGANIZATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>AVAILABLE UPON REQUEST</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc1043400001">
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>PI KAPPA PHI FRATERNITY</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>3701 ARCO CORPORATE DRIVE STE 500</AddressLine1Txt>
          <CityNm>CHARLOTTE</CityNm>
          <StateAbbreviationCd>NC</StateAbbreviationCd>
          <ZIPCd>28273</ZIPCd>
        </USAddress>
        <EIN>570340150</EIN>
        <PrimaryActivitiesTxt>FRATERNITY</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>SC</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(7)</ExemptCodeSectionTxt>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>0</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>0</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>0</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>0</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>0</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>1</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>1</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>0</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>0</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>PI KAPPA PHI FRATERNITY</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>N</TransactionTypeTxt>
        <InvolvedAmt>33500</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>PI KAPPA PHI FRATERNITY</BusinessNameLine1Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>O</TransactionTypeTxt>
        <InvolvedAmt>220186</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>