The Phi Kappa Psi 5K is an annual charity race benefiting Hope Lodge, a housing unit for cancer patients at St. Vincent's Hospital, as well as any worthy charitable cause taking place at the time. Developed in the spring of 2004 by Tom Pasquesi, the event was intended to bring together Butler students and the surrounding community for a common good.

On its inaugural debut on March 27th, 2004, Phi Kappa Psi came together in support of Hope Lodge. Despite less than optimal weather conditions, Indiana Zeta found fifty participants to participate in the race, raising $1,450 to be donated.

October 23rd, 2004 was the second annual Phi Psi 5K. Obtaining many more corporate sponsors this time around, Indiana Zetans battled heavy rain on race day, but still managed to raise $1,658. Due to events that were close to home at Butler University, Phi Kappa Psi chose to have a portion of the money raised donated to the family of Officer James L. Davis, a BUPD officer slain a month prior event while responding to a security call. A check for $1,000 was sent to Mrs. Davis and her family and a $658 check to Hope Lodge, enclosed in Christmas cards and mailed prior to the holidays.

The most recent 5K took place on October 1st, 2005. In addition to attaining the most sponsors yet, Phi Psis also participated in various fundraisers to benefit the 5K. Many brothers helped out at the Solheim Cup and did landscaping work at the Phi Psi fraternity headquarters here in Indianapolis. Record T-shirt sales of 425 shirts also increased revenue and resulted in an emergency 74 mile road trip to have 135 more brought to race day. After a bright and sunny race day with participation six of seven sororities, three of six fraternities (even one professor), the 130 participants allowed us to raise $6,700, with portions donated to Hope Lodge and The American Red Cross for victims of hurricane Katrina.

The 5K is an event that will continue into the future. With expectations for its continued growth each year, the Indiana Zeta of Phi Kappa Psi will continue to unite philanthropy and fundraising with the Butler Community and surrounding area, for there is no greater joy than serving others.