History
Phi Eta Kappa was founded as a for-profit organization owned by its members who bought stock in the fraternity. Sale of shares ceased circa 1942, and by 2001 the organization no longer knew who its shareholders were. Since the 1940s, funds for operations have come from rent charged to members, a mortgage on the fraternity house, and alumni donations. In the 1980s, the fraternity encountered financial difficulties that were attributed to members who had not paid their bills.
The fraternity house was closed temporarily in 1988 due to its deteriorating physical condition and concerns about poor behavior by its members. Later that year it was rented to house the Pi Beta Phi sorority. Subsequently, however, it was reopened for Phi Eta Kappa.
In 2001 the fraternity asked the Maine State Legislature to enact legislation to convert the fraternity to nonprofit status so it would no longer be required to pay the same taxes as a commercial business.
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—Matthew Arnold (1822–1888)