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Yes, he's the team coach.
Chapter competitions at UCSD (not just Derby Days) often are based on votes (FB posts for example) and fundraising (buy tshirts for example).
There will be different events every day. In past years for Derby Days these have included canned food drive, In and Out food truck purchases, etc. The final night of Derby Days is the lip sync contest. There's a panel of judges, not just Sigma Chis, that determine the winners.
It's fierce competition and major bragging rights. Yes, in past years at least, the winners got a party with Sigma Chi. But that was back when they had the Ranch House. (I feel very old right now.)
The sororities and the other fraternities follow this model for their various philanthropies.
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