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Public Area In all things Excellence. The Alpha Sigma FoundationFurthering the tradition of Excellence The Alpha Sigma Foundation is a notforprofit organization whose mission is to provide extraordinary learning and educational opportunities to undergraduate members of Alpha Sigma of Chi Psi and other students enrolled at the University of North Carolina at Chapel Hill. Alpha Sigma of Chi Psi was founded in 1855 as the fifth fraternity at the University of North Carolina at Chapel Hill. Since that time Alpha Sigma has enriched the lives of more than 1500 young men whose paths have taken them to Chapel Hill.