Finances

Financial management is one of the most important aspects of running a chapter or colony of Phi Kappa Tau. With proper management, a chapter ensures its members all the benefits the Fraternity offers.

Important Dates & Required Reports

Report Report Name Date Description
Spring Billing Invoice Sent January 15 Emailed from Executive Offices
Invoice Due February 15 Send check to Executive Offices
Change Report February 15 Email to This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Fall Billing Invoice Sent September 15 Emailed from Executive Offices
Invoice Due October 15 Send check to Executive Offices
Change Report October 15 Email to This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Budget Annual Budget October 15 Required Report
IRS  IRS Explanation Form November 15 Required Report

Expectations

All chapters and colonies will submit an annual budget to the Executive Offices, properly file with the IRS and the Fraternity and be in good financial standing with the Fraternity.

Borradaile Challenge - See: Finance

Fall and Spring Billing

The chapter is charged every September (fall billing), and January (spring billing) for dues, liability insurance, conferences, educational programs, chapter fees, and administration fees. These bills are due October 15 (fall billing) and February 15 (spring billing). The financial delinquency policy will be enforced if a chapter or colony does not meet the financial obligations, or prior arrangements made with the Executive Offices.

These fees are split up between two types of billing, per man and chapter. 

Per Man Billing: Dues, housing fund and liability insurance

Chapter Billing: Conference pool, educational pool, annual chapter fee, NIC dues, convention administration fee

*Note: Liability insurance discounts are only applied on Spring Billing, there are no discounts for Fall Billing.

Financial Responsibility Outline for Chapters and Colonies

Change Report (Removing Members from the Roster)

 The change report is to take current members off of the chapter or colony’s roster. This must be filed every semester with the fall and spring billing. Members can be removed from the roster if they study abroad, graduate, leave school, disassociate, voluntarily withdraw, or are expelled. Remember, Phi Kappa Tau does not recognize early alumni or inactive statuses. The Change Report will be sent with the semester billing, and must be returned by due date to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Annual Budget

The annual budget is a form due October 15 that communicates to the Executive Offices the fiscal overview for the chapter or colony. This is to ensure that the chapter is charging enough in dues to meet their financial obligations, and are providing enough funds for a quality chapter experience. The form can be found on the Required Reports webpage.

Required Reports Page - See: Annual Budget

IRS Filling

All chapters are required to file both with IRS and the Fraternity annually. It is ultimately the individual chapter's responsibility to file each year. Please note, each chapter, house corporation, graduate council and alumni association will file with the IRS under its own Federal Tax ID number (EIN). Information on IRS tax filing is downloadable below, along with the ‘IRS 990 Explanation Form’ required by the Executive Offices on November 15. To recieve credit the chapter must upload proof that the IRS has recieved their form of the IRS 990.

IRS Filing Information

Association and Initiation Fees

All new members must be added on Dashboard by the president, treasurer or membership orientation officer within 5 days after of the association ceremony. Chapters are responsible to pay $75 (colonies $110) per new member within 30 days of registration on Dashboard.

To initiate new members a request to initiate form must be filled out and submitted, with the initiation fee, to the Executive Offices two (2) weeks before the date of initiation. The form should also include the $240 initiation fee per man being initiated. Initiations will not be approved if proper paperwork and fees are not filed. If members are initiated without CEO approval the chapter will be fined $100 per initiate.

Dashboard
Membership Reporting - See: Request for Initiation 

Financial Delinquency Policy

At 30 Days: Warning Letter – An e-mail will be sent to the chapter/colony president, chapter/colony treasurer, BOG Chairman, financial advisor, and Domain Director informing all parties of the delinquency and requesting immediate action.

At 60 Days: Suspension of Chapter Activities – The chapter/colony leaders are required to pay in full or contact the Executive Offices to begin arrangements to pay their obligation with a payment plan. All chapter activities will be suspended pending written verification that an acceptable plan of action has been put in place.

If an Executive Offices’ invoice on the chapter account exceeds 30 days, a finance charge of 1.5 percent a month (18 percent a year) will be assessed against the invoice balance.

Financial Delinquency Policy

Payment Plans

Payment plans are available for chapter or colonies in good standing with the executive offices. It is important to note that the payment plan must follow the guidelines provided by the Executive Offices. If a payment plan exceeds 30 days the chapter is still subject to the 1.5 percent a month finance charge.

Payment Plan Guidelines


All checks should be made payable to The Phi Kappa Tau Fraternity and mailed to:
Ewing T. Boles Executive Offices
5221 Morning Sun Road
Oxford, OH 45056
(513) 523-4193
This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 
 


Spring Billing Treasurer February 15 Financial Detail billing invoices/rosters are sent to each chapter by mid-January of every year; this bill is half of the annual membership dues, housing fees, liability insurance and chapter billings Full payment must be received with updated roster, change report and accompanying documentation
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