|Chapter Advisors: Chapter Standard F|
Chapter Standard F: Finance
Description: The Chapter should have sufficient monies to meet its goals and objectives and a system for assuring financial solvency and accountability. Using Brother assessments (dues and initiation fees) and supplementary fundraising projects, the Chapter should be able to meet its operating expenses, including national assessments (initiation fees, National Operating Dues). The Finance and Budget Committee should be chaired by the Worthy Keeper of Finance with the Chapter Advisor as a permanent member.
The Advisor is a permanent member of the Chapter’s Finance Committee and should ensure financial planning is appropriate. The Advisor may wish to be listed on all bank accounts. He/she should also review any contractual agreements or major expenditures. Guidance for Collegiate members of the Finance Committee can be found in the Constitution and Bylaws and here .
Financial Responsibilities of the Chapter
Chapter dues must be adequate to pay the National Fee and cover local operating expenses. Refer to the National Operating Dues FAQ document for more information. A robust fundraising campaign will help your students keep dues to a minimum. Dues deadlines should be set in advance. Policies need to exist on what the Chapter will do should a Brother be unable to pay their dues. The Advisor should review this process. Additionally, processes need to be created to address how the Chapter will act should a Brother decide not to remain involved in the Fraternity. It is important to note that Alumni Brothers, including Advisors, are required to pay dues annually as well.
Remember that there are different types of membership that are charged different dues. Please refer here for more information in statuses such as collegiate, alumni, expelled, and suspension. No matter the classification of Brother, we are Brothers for Life.
A robust fundraising campaign offsets the need to charge higher dues. The Advisor needs to ensure that all fundraising campaigns are in compliance with the policies of the University and College. For example, many schools prohibit raffles and/or the sale of perishable foods. The University Student Affairs (or similar department) should be able to guide fundraising endeavors. Examples of fundraising events that have been successful in the past include:
Obtaining Tax Exempt Status: Phi Delta Chi is a tax exempt organization. The National Office has a tax-exempt EIN number. This letter is available on the National Website . However, this EIN is only available for use for National Fraternity costs. It is recommended that each individual Chapters apply for tax exempt status and acquire their own EIN number. The EIN application is available on the IRS website . For questions or concerns regarding the EIN application, please contact Executive Director Kenny Walkup at the National Office at email@example.com.