The Phi Kappa Psi Fraternity is a private organization of educated men who pledge to live honorably and compassionately throughout their lives. Its Brotherhood is open to men of great talent and character, but particularly to those gentlemen who seek personal excellence in their college lives and beyond. The men of Phi Kappa Psi often differ in their origins, backgrounds, and beliefs; yet as Brothers in Phi Kappa Psi, they are fundamentally united through their shared dedication to the highest standards of intellectual, emotional, and spiritual integrity.

Phi Kappa Psi encourages all its Brothers to realize the fullest measure of their potential through personal responsibility, hard work, and the great joy of serving others. Although Phi Kappa Psi is not in itself a religion, it derives many of its ethical principles from the values and virtues shared by all major world religions. From honesty and integrity, to loyalty and commitment, Phi Kappa Psi expects the very most from its membership.

For countless young men, Phi Kappa Psi has helped to shape the sometimes unpredictable events of college into a more stable experience, where life begins to reveal larger, clearer purposes, and friendships become firm and everlasting. Later in life, Phi Psi bestows upon its members a shared sense of principals and values that serve to guide them through their career, their marriage, their family, and through life’s countless other challenges.

Above all else, the Phi Kappa Psi Fraternity creates a moral code for the conduct of life that, generation after generation, has united men of honor, decency, and good will in enduring friendship and brotherly love.

Like many fraternal organizations, the Phi Kappa Psi Fraternity maintains an independent endowment for the educational benefit of its members. The Endowment Fund of the Phi Kappa Psi Fraternity, organized in 1914, is a 501(c)(3) nonprofit, public educational foundation. As of 2007, the Endowment Fund had net assets of over $20 million. In 2007 alone, the Endowment Fund spent over $1,000,000 on scholarships, grants and other educational activities for the fraternity's members.

Although established in 1914, it was not until the mid-1990s that the Endowment Fund began to flourish. In 1994, net assets totaled a mere $620,503. Ten years later, that amount grew to almost $19 million. In 2004, under the leadership of Tom Pennington, Director of Development, and Wayne Wilson, a probate attorney who serves as volunteer Chairman, the Endowment Fund of the Phi Kappa Psi Fraternity became the largest educational foundation of any American or international collegiate fraternity or sorority. Gifts from wealthy alumni have helped Phi Kappa Psi reach this goal. The fund also relies heavily on smaller contributions to its "Chapter Scholarship Foundation" program, whereby 90% of a donation can be ear-marked for the benefit of a specific chapter. This has spurred giving among those who have a strong connection with the chapter at their collegiate alma mater.

In 2006, the Endowment Fund and the Fraternity Headquarters moved from its downtown Indianapolis location into its new acquisition, Laurel Hall. Complete with Ruth Lilly Conference Center and public access for special events, this property has enabled Phi Kappa Psi to host national conferences and board meetings as well as gain revenue from rental of the facility to other Indianapolis area citizens. Its website is www.laurel-hall.com.