Chapter 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 & Reporting

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 submit
Budget Reporting
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 submit
Budget Reporting
IRS IRS 990 Filing November 15 Reporting

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  cmcghehey@phikappatau.org.

Semester Budget

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

IRS Filing

All chapters are required to file both with IRS and the Fraternity annually. To receive credit the chapter must upload proof that the IRS has received their form of the IRS 990 under the Required Reports.

Association and Initiation Fees

All new members must be added on ChapterSpot by the president, vice president, treasurer or membership orientation officer within 10 days after of the association ceremony. Chapters are responsible to pay $75 (colonies $110) per new member within 30 days of registration on ChapterSpot.

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.

Financial Delinquency Policy

At 30 Days: Warning Letter – An email 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

Licensed Dues Collection Vendors

On January 1, 2010 the Phi Kappa Tau National Council resolved to adopt a national financial management partner. Every chapter or colony is required to utilize Omega Financial or ChapterSpot’s CollectionPro feature. If your chapter or colony is currently required to use financial services provided by your college or university, the National Council will consider exceptions on a case-by-case basis. Licensed Dues Collection Vendor Information   Questions or concerns? Please reach out to Cecilie McGhehey at  cmcghehey@phikappatau.org or (513) 523-4193 ext. 226.   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