To help ensure financial solvency during this unprecedented time, it is encouraged to pay attention to all of your chapter/colony financials, including:
- Chapter/Colony Accounts Receivable: Outstanding member balances
- Chapter/Colony Accounts Payable: Amount chapter currently owes debtors (Composite company, University/IFC, housing corp., International Fraternity, t-shirt company, etc.)
- Alumni Debt (if applicable): Outstanding balances owed to the chapter by an alumnus. Debt may be owed to the chapter and can be collected upon. The International Fraternity can assist to remedy this. Please contact the Fraternity’s director of finance at email@example.com.
Now, more than ever, the Fraternity experience is pivotal for our undergraduate members and incoming students. The establishment of friendship, virtually or in-person, is still relevant and necessary.
The International Fraternity is committed to supporting our chapters and colonies, especially our chapter officers and alumnus volunteers, through this ever-changing environment. To ensure perseverance for members, chapters, and the Fraternity, the International Fraternity has assembled various resources and aid to best assist chapters and members through this tumultuous time. Some of these resources and aid include:
- COVID-19 budget template – This budget template, which can be accessed through myPIKE, is designed to work almost in reverse of how a normal budget template would work. With the COVID-19 budget template, you can enter your fixed (and projected) expenses you expect to incur as a chapter, and this will calculate the minimum amount of dues you would need to charge each initiate and new member to cover those costs.
- Late fees waived through December 31, 2020. This decision has been made to support any chapters who may be struggling to collect funds and pay their assessments to give them greater flexibility without incurring any type of penalty.
- The substance-free housing credit has been increased to $2,000. The standard substance-free housing credit is $1,000/year. This year, any chapters who meet the definition of having chapter housing and elect through the substance-free housing form (download on myPIKE) to maintain substance-free housing will receive a credit of $2,000, which will completely offset the cost of the housing assessment as part of the Liability Protection Program.
- Chapters on campuses where classes are being held online only for the fall 2020 term can apply for a per-initiate fee waiver. This has been done in an effort to provide relief to chapters at schools that are not allowing any class or activities to take place in person. The per-initiate fee helps fund chapter service and resource programs and helps in providing a more well-rounded approach to assisting and improving chapters, which chapters prohibited from meeting may not be able to take advantage of. (The application can be downloaded on myPIKE.)
- The International Fraternity is also evaluating and working on a program where alumni may be able to directly financially assist chapters of their choosing.
With an ever-changing landscape and so much that varies state-to-state and chapter-to-chapter, the Fraternity is constantly evaluating alternatives, monitoring the environment, and staying up to date with guidelines and policies, so there may be more changes and financial resources to come. If you or your chapter has any questions about finances for the upcoming semester, please contact the finance & real estate department at firstname.lastname@example.org.