Article I: Finances

Section 1: General Procedures

 Clause 1: Procurement

 This Chapter shall procure its funds through membership dues, fees, and assessments, and through fundraising activities conducted in accordance with the Chapter’s governing documents.

 Clause 2: National Fraternity Funds

 All receipts handled for the National Fraternity, such as Pledge fees, Initiation fees, annual Chapter assessments, and orders for supplies, shall be kept segregated by bookkeeping procedures so that these revolving funds may not be used by the Chapter.

 Clause 3: Audits

Each academic year, and as otherwise required by the Chapter, the Chapter’s financial books shall be audited by the Advisory Committee and such other auditors as the Chapter may specify.

 

 

Section 2: Dues and Fees

Clause 1: Dues

The Chapter Bylaws shall dictate the amount, distribution, and collection of dues for all members. The payment deadline for dues is the fifth chapter meeting of the semester unless suitable arrangements have been made with the Treasurer.  After this date, a $5.00 late fee per week will be assessed.  Active Member dues shall not be required for the term in which a member is initiated.

 Clause 2: Pledge and Initiation Fees

Each person becoming a Pledge or Active Member shall be required to pay the appropriate Chapter and National Pledge or Activation Fee(s) before they are duly pledged or initiated. Any Pledge or Active Member who has not paid these fees, or made suitable arrangements with the Treasurer, may not participate in the ceremony.

 

 

Clause 3: Assessments

An assessment may be levied on all Active Members upon a two-thirds vote at a regular Chapter meeting, provided that the proposal for the assessment has been submitted, in writing, two chapter meetings in advance.

 Clause 4: Activity Charges

For the sole purpose of defraying expenses directly associated with a specific Chapter project or event, the Chapter may require that an activity charge be paid in order for members to participate in that project or event.

All activity charges shall be paid before the associated event takes place, unless suitable arrangements have been made with the Treasurer.

Clause 5: Payment Process

For all cash payments of dues, fees, assessments, or activity charges, or donations of twenty (20) dollars or more, the paying brother will be given a receipt by the Treasurer at the time of payment.

Section 3: Chapter Budget

 

Clause 1: Approval

 

The Chapter shall establish and approve a budget by the second chapter meeting of each semester by a two-thirds (2/3) vote of Active and Associate Members present at the designated Chapter Meeting.

 

Clause 2: Amendments

 

Any amendments to the approved budget are subject to the approval of two-thirds (2/3) of the Active and Associate Members present at a chapter meeting.

 

Clause 3: Additional Funding Requests

 

Requests for chapter funds not represented in the approved budget must be submitted to the Treasurer, who will present the request and a feasibility report based on the Chapter’s financial situation at the following meeting of the Executive Board.  Approved requests will be subject to the approval of two-thirds of Active and Associate Members at the subsequent Chapter Meeting. 

 

Clause 4: Spending

 

No spending of Chapter funds will be authorized without the prior, expressed approval of the Treasurer. The approval of an expenditure request form submitted by any custodian of the account, or their immediate family members, must be presented and approved by the Executive Board and a delegate, the Parliamentarian, shall sign the request on behalf of the Executive Board if approved.

 

Section 4: Disbursement of Funds

 

Clause 1: Receipts

 

No Chapter funds will be disbursed before the Treasurer is provided a receipt or invoice of all associated costs.

 

Clause 2: Tax Exemption

 

The Chapter’s tax exempt number shall be used whenever legally possible in order to minimize Chapter expenses.

 

Section 5: Bank Account

 

The Chapter shall maintain checking and savings accounts for the keeping of chapter funds.  The Treasurer, President, and one (1) Chapter Advisor shall be named custodians of the chapter accounts. 

 

Clause 1: Transfer

 

The transfer of new custodians to the chapter accounts shall occur within thirty (30) days of Officer Installation.

 

Section 6: Bookkeeping and Reporting

 

1) The Treasurer will maintain receipts and transaction records for at least the current year and four years prior.

 

2) The Treasurer will maintain records of all funds entering and leaving the Chapter for the current year and will provide a receipt to the person donating for any amount over and including twenty (20) dollars.

 

3) The Treasurer will report the financial standing of the Chapter to all members at one or more Chapter Meetings each semester.

 

4) The Treasurer will report the financial standing of the Chapter to the section as required by the Section Chair and Section Finance Chair.

 

Section 7: Fundraising

 

Clause 1: Procurement

 

The Chapter shall raise funds for Chapter programs and functions by way of fundraising events and donations.

 

Clause 2: Acknowledgement

 

All donations of money, goods, or services, will be acknowledged by the Chapter in the form of a letter, which will state the economic value of the donation and will function as a receipt of donation for the donor.