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

  • Creating a balanced budget

  • Paying dues to the National Office

  • Fundraising (ideas included below)

  • Paying for Recruitment and Fraternal Education Events

 

Dues

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.

 

Fundraising

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:

  • Sales

    • Apparel/accessories: T-shirts, sweatshirts, bath robes, ties, sunglasses

    • Food: ensure compliance with University policies

    • Holiday gifts: “Candy-grams” on Valentine's day, care packages for finals, etc.

  • Profit shares

    • Team up with local sporting complexes

    • Team up with eateries who support philanthropic organizations. This can also be used as a St Jude fundraiser

  • Raffles: note any University policies or local laws prohibiting raffles

  • Alumni donations: consider soliciting donations via online platforms such as PayPal. Always encourage thank-you notes.

  • Financial support for national meetings

    • Follow National and Regional social media campaigns for promotions and competitions to win registrations for the Chapter

    • Contact key personnel within the College to see if funding is available.

      • Documentation exists on the PDC website to justify LDS trips

      • Student Affairs offices may award additional funds when requested

  • Many Student Affairs offices will increase funding to organizations each year if the organization continues to show benefit from the funding

 

Taxes

Obtaining Tax Exempt Status: Phi Delta Chi is registered with the IRS as a 501(c)(6) tax exempt organization. As such, the national Fraternity has an Employment Identification Number (EIN) that was assigned to the national organization.  This EIN does not cover individual chapters.  It is recommended that each Chapter acquire their own EIN and apply for tax exempt status. 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 execdir@phideltachi.org.