During the early years of the Foundation, modest additions were made to the several established Funds by members and friends and by transfer of Association funds. Then in 1954, a Fund was established in memory of Henry G. Atwater, P 1904, whose death occurred On July 20, 1950. Another Fund was established in 1955 in memory of William A. Fisher, P 1903, whose death occurred on December 22, 1954. He was an active and devoted alumnus who served the Alpha in many capacities during his lifetime. In 1961, a Fund was established in memory of Alan R. Kemp, P 1927 (died February 14, 1961), who was elected a Trustee of the Foundation in 1951, Vice President in 1952, serving until the year of his death. During the 85th Anniversary fund campaign, 1963-1964, four funds were established. A Fund in memory of Asher Atkinson, P 1885, and William E. Florance, P 1885, was established by their sons, Asher Atkinson, Jr., P 1924 and Edwin Florance, P 1916. The two Brothers memorialized were officers and trustees of the Alumni Association during the early years of the Alpha.

Friends and classmates of E. Macy Irish, P 1930, a popular and loyal member of the Alpha, established a Fund in his memory in 1963. It was also during the year 1963 that the two additional Gold Star Funds, as already noted, were established.

After a long period of consultation and preparation by Edwin Florance, P 1916, Secretary Treasurer of the Foundation, a special meeting was called for the purpose of changing the charter of the Foundation as demanded by the Internal Revenue Service. With the changes made at the meeting called on February 15, 1969, the District Director of the Internal Revenue Service granted a tax exempt status to the Foundation on March 21, 1969 (the exact date an which the balance of the founders of Alpha Rho were initiated in 1879). All contributions since the 1969 date have been tax deductible on United States income tax returns.

During the spring of 1969, the Alumni Association recommended to the Foundation that in addition to the student aid program adopted by the Foundation that a scholastic improvement and incentive award be adopted. It was suggested that incentive awards based upon cumulative scholarship averages be given to members living in the Lodge. The Foundation promptly approved the recommendation made by the Association Trustees and in the annual report for the Foundation in 1969, it was noted that the awards "will be made to members in good standing living in the Lodge and will be based on mid-year cumulative grades starting in 1970".

The successful tax decision received by the Foundation in 1969 and the effective scholarship program helped to focus attention on the growth of the Foundation assets. Friends, families and the Association Trustees provided funds to establish the following memorials. In 1965 a Fund in memory of Oliver A. Deakin, P 1929, a former Trustee of the Association. In 1968 a Fund in memory of John N. Gulick, P 1937, who had served as Trustee and Officer of the Alumni Association and will be remembered as the Chairman of the highly successful Chi Psi convention hold on the Rutgers Campus on the occasion of the Alpha's 85th Anniversary.

In 1969, a Fund in memory of Eugene S. Brokaw, P 1908, was established by his family. He seldom missed a gathering at the Lodge and served on the boards of both the Association and the Foundation, maintaining an active interest until his death on March 23, 1972.

Herbert V. Young, P 1929, encouraged by the tax exempt status of the Foundation, established the first endowment Fund to be added to the Foundation. Also during 1969 the first delegation Fund, the 1924 Delegation Fund was established following receipt of a legacy provided by the will of W. Duncan Liddle, P 1924. Prior to his death, Brother Liddle had mode known his desire to have a Fund established in the name of his delegation. Every living member of the delegation contributed liberally to the Fund.

At a dinner honoring Harold G. Lundberg, P 1924, on April 6, 1974, the Alpha and alumni provided a generous contribution for the establishment of a Fund in his name. The scholarship awards program proved to be singularly successful. The scholarship of the Alpha improved and at the 136th Convention of Chi Psi hold in Atlanta, June 1977, Alpha Rho was awarded the Goodbody Trophy for excellence in scholarship. This was a first for Alpha Rho.

Following the action of the 1924 delegation, Funds were established by the 1925 Delegation in 1972, the 1936 Delegation in 1973; the 1954 Delegation in 1976; and the 1931 Delegation in 1978; using as already noted, contributions by the delegation and friends in memory of their classmates.

In 1978, the William F. Plumley, P 1899 Fund was established following receipt of a generous legacy provided by his will. Also during 1978, a legacy provided by the will of William H. MacDonald, Sr., P 1911, provided a substantial increment for the Gold Star memorial established for his son William H. MacDonald, Jr., P 1939.