Finance Policy

  1. The fiscal year end will be June 30.
  1. Accounts
    1. Established accounts shall be:
      1. General Fund
      2. Liability Fund
      3. Chapter Maintenance Fund
      4. Expansion Fund
      5. Scholarship Fund
  1. Dues and Fees
    1. Dues and fees will be as follows:
      1. National Dues will be $50.00 per semester per Brother.
        1. National Dues will be allocated as follows:
          1. $12.50 of each Brother’s semester National Dues will be allocated to the General Fund.
          2. $5.00 of each Brother’s semester National Dues will be allocated to the Expansion Fund.
          3. $7.50 of each Brother’s semester National Dues will be allocated to the Chapter Maintenance Fund.
          4. $25 of each Brother’s semester National Dues will be allocated to the Liability Fund.
      2. Initiation fees will be $20.00 per initiate.
        1. $10.00 of each Brother’s initiation fee will be allocated to the General Fund.
        2. $5.00 of each Brother’s initiation fee will be allocated to the Liability Fund.
        3. $5.00 of each Brother’s initiation fee will be allocated to the Chapter Maintenance Fund.
      3. Shingle fees will be $4.00 per shingle.
      4. Charter fee will be $100.00 per chartering chapter.
        1. $70.00 of each Charter fee will be allocated to the General Fund.
        2. $30.00 of each Charter fee will be allocated to the Liability Fund.
    2. Charter members of new Chapters shall be exempt from the National Initiation fee.
    3. National Dues will be payable as follows:
      1. September 30: National Dues for Brothers seeking active status during the period September 30 of the current year to January 29 of the following year.
      2. January 30: National Dues for Brothers seeking active status during the period January 30 of the current year to September 29 of the current year.
      3. September 30: National Dues for Brothers seeking active status during the period September 30 of the current year to September 29 of the following year.
        1. Brothers would pay two (2) semester dues payments at once.
      4. Any Chapter may submit a deadline extension request to the National Treasurer for approval at least fifteen (15) days prior to the deadline.
    4. Supporting Documentation
      1. Each Chapter shall send an Active Brothers List form with their National Dues. National Dues shall not be accepted without an Active Brothers List.
      2. An Active Brothers List form must be turned in on the above dates regardless of change in status or number of active Brothers.
    5. National active status
      1. National active status for new initiates shall begin upon receipt of an Initiation Report, Initiation and Shingle Fees, and National Dues by the National Treasurer.
        1. The Initiation fees, Shingle fees and National Dues for new initiates must be submitted with the Initiation Report on the dates specified in the National Office Operations Policy.
  1. Obligations
    1. The National Budget shall be considered an obligating document.
      1. Obligations shall be entered into the General Ledger on the first day of the fiscal year.
    2. Obligations for non-budgeted items shall be entered into the General Ledger on the date approved by the Board of Trustees.
    3. Obligations for cost of goods purchased shall be entered into the General Ledger on the date the order is placed.
    4. All obligations will be removed from the General Ledger thirteen (13) months after they are entered.
  1. Disbursements
    1. Invoices may be paid directly from National funds.
    2. Non-budgeted disbursements from the Chapter Maintenance or Expansion Funds shall be authorized by the appropriate Vice President and approved by the National Executive Committee and Board of Trustees.
    3. Non-budgeted disbursements from the General and Liability funds must be approved by a majority vote of the NFC and submitted to the NEC and BOT for approval.
    4. Non-budgeted disbursements from the Scholarship Fund shall be approved by a two-thirds (⅔) majority vote of the National Finance Committee, and submitted to the National Executive Committee and Board of Trustees.
      1. Approval of the disbursement shall require a two-thirds (⅔) majority vote of the National Executive Committee and Board of Trustees.
  1. Reimbursements
    1. Reimbursements shall be handled as follows:
      1. Funds obligated in the existing budget for the current fiscal year.
        1. Reimbursement requests must be submitted to the National Treasurer within thirteen (13) months of the date of the obligation.
      2. Funds approved by the National Executive Committee and Board of Trustees for items not included in the budget.
        1. Reimbursement requests must be submitted to the National Treasurer within ninety (90) days of Board of Trustees approval.
        2. Dated Board of Trustees and National Executive Committee meeting minutes citing entire motion, including reimbursement amount and fund, and approval must be submitted with reimbursement request.
    2. Reimbursements shall not be processed without presentation of proper receipts and upon completion of a reimbursement form.
  1. National Convention Expenses
    1. The host Chapter National Organization shall pay the operating expenses of the Convention (hall rental, communications, etc.).
      1. The National Organization shall help defray the operating expenses of Convention if:
        1. The host Chapter demonstrates financial difficulty.
        2. The host Chapter requests financial assistance from the National Organization at least four (4) months prior to said Convention.
    2. The National Organization shall assist in paying the lodging expense of all National Officers, Permanent Members of the Board of Trustees, and the Legislative Council.
      1. The amount of assistance shall be as set in the National Budget.
      2. A reimbursement form and proper receipts must be submitted following the adjournment of the Convention.
    3. In the event that a National Convention is held more than three hundred (300) miles (one way by the shortest route) from any one collegiate Chapter, the National Organization shall be required to assist that Chapter(s)’ voting delegates in their travel expenses in an amount as set in the National Budget.
      1. The amount of assistance shall be as set in the National Budget.
      2. A reimbursement form and proper receipts must be submitted following the adjournment of the Convention.
  1. Fines
    1. Fine Amounts
      1. Fines assessed to Chapters shall be in the amount of $25.
      2. Fines assessed to an individual Brother shall be in the amount of $10, unless otherwise specified.
    2. Fines shall be assessed for information not submitted to National Officers or Permanent Members of the Board of Trustees upon requested deadlines, given at least thirty (30) days notice of the deadline.
    3. Fines shall be assessed to Chapters, National Officers, Permanent Board of Trustees Members, and National Committee Chairs who do not pay National Dues.
      1. Chapters not paying fines and/or not submitting all delinquent materials by the fine deadline shall be fined a second time by the National Treasurer and will be removed from good standing by the National Secretary until both of the fines and all delinquent materials have been received by the appropriate party or further actions are taken as per the Non-Functioning Chapter and Reinstatement Policy.
      2. National Officers, Permanent Board of Trustees Members, or National Committee Chairs who do not pay the fine and/or do not submit all delinquent materials by the fine deadline shall be fined a second time and will not have a vote on the appropriate National Body. Thirty (30) days will be given to pay both of the fines and submit all delinquent materials. Failure to pay both of the fines and/or submit all delinquent materials by the second fine deadline shall result in the National Officers, Permanent Board of Trustees Members, or National Committee Chairs being subject to an automatic review, initiated by the National Treasurer.
    4. Fines may be assessed for failure to submit to the National Treasurer proper forms and/or documentation with a payment.
    5. Fines shall be assessed in the amount of $25 to the National Treasurer for each late Profit and Loss Statement to the Board of Trustees Finance Advisor.
    6. Fines shall be assessed to any Brother or Chapter for returned checks. The amount of the fine shall be equal to that of the bank fee(s) assessed for the returned item(s). Additionally, a new check must be issued in the amount equal to the returned check.
    7. Fines shall be assessed to any Brother or Chapter for the cancellation of checks issued to that Brother or Chapter that remain undeposited after 180 days. The amount of the fine shall be equal to the bank fee(s) assessed for the cancellation.
    8. Fine Limits
      1. No Chapter shall be assessed fines exceeding $200 in a fiscal year.
      2. The National Treasurer shall refer any Chapter receiving $200 of fines in a fiscal year to the National Vice President of Chapter Maintenance
    9. Fine Procedure
      1. The National Treasurer shall assess and collect all fines to all other Brothers and all Chapters. The Board of Trustees Finance Advisor shall assess any fine against the National Treasurer.
      2. The National Treasurer or Board of Trustees Finance Advisor shall copy the National Secretary on all fines and inform the National Secretary within ten (10) days of the receipt of payment.
      3. Any Brother may request that a fine be issued by sending a letter to the National Treasurer.
        1. Fine requests shall be accompanied by supporting documentation (such as proof of delinquency, proof of a thirty day deadline, etc.).
        2. The National Treasurer shall verify that the fine request meets the requirements of this policy. Upon verification, the National Treasurer shall issue the fine within ten (10) days of the request.
        3. Should the National Treasurer determine that the fine does not meet the requirements of this policy, the National Treasurer shall so notify the Brother requesting the fine. This notification shall include the reason(s) why the request does not meet the requirements of this policy. This notification shall be sent within ten (10) days of the fine request and shall be copied to the National Secretary.
          1. The decision of the National Treasurer may be overturned by an appeal to the National Executive Committee. The request for an appeal must be made in writing to the National President within ten (10) days of the response from the National Treasurer. The decision of the National Executive Committee shall be final.
        4. Should the National Treasurer feel that the fine is inappropriate for reasons other than those listed in this policy, the National Treasurer shall immediately inform the National President. The National President shall add the fine request to the agenda of the next National Executive Committee meeting. The National Executive Committee shall make the final decision on whether the fine shall be issued.
      4. The National Treasurer shall issue the fine notice, copying the National Secretary and Board of Trustees Finance Advisor. A time limit of at least thirty (30) days must be given to pay the fine and submit any delinquent materials. The National Treasurer may give extensions at his/her discretion.
      5. Fines may be appealed to the National Executive Committee prior to the payment deadline. This appeal shall be in written form to the National President. The decision of the National Executive Committee shall be final.
  1. Reports
    1. National Budget
      1. When preparing the National Budget, the following guidelines shall be adhered to:
        1. The National Treasurer shall solicit input from all National Officers and Permanent Members of the Board of Trustees no more than thirty (30) days after Convention.
        2. The National Budget shall include allocations for the following:
          1. Convention lodging assistance for National Officers, Permanent Members of the Board of Trustees, and members of the Legislative Council.
          2. Convention travel assistance for Chapters more than three hundred (300) miles (one way, by the shortest route) from the Convention site.
      2. The National Budget shall be submitted for approval to the Board of Trustees and the National Executive Committee no more than forty-five (45) days after Convention.
      3. The National Budget shall be made available to the Brotherhood via electronic media before the start of the fiscal year.
    2. Profit and Loss Statement
      1. The Profit and Loss Statement shall include the following:
        1. Revenue
        2. Expenses
        3. Cash Flow
      2. The Profit and Loss Statement shall be updated quarterly.
      3. The National Treasurer shall submit the Profit and Loss Statement to the Board of Trustees Finance Advisor fifteen (15) days after the end of each quarter.
      4. The fiscal year-end Profit and Loss Statement shall be made available to the Brotherhood via electronic media within thirty (30) days of the end of the fiscal year reported.
      5. The Profit and Loss Statement shall be presented to the General Assembly at Convention. It shall include all information fiscal year-to-date.
    3. Balance Sheet
      1. The Balance Sheet shall include the following for each of the accounts
        1. Assets
        2. Liabilities
      2. The Balance Sheet shall include the current status of funds in each bank or investment account.
      3. The Balance Sheet shall be presented to the General Assembly at Convention.
  1. Audits
    1. The purpose of the audits shall be reconciliation of reports to actual revenue and expenses.
    2. National Audit
      1. The National Treasurer shall submit the following information to the Board of Trustees Finance Advisor within thirty (30) days of the end of the fiscal year:
        1. Copies of all statements for each bank or investment account for the fiscal year.
        2. General Ledger transactions for the fiscal year.
      2. The Board of Trustees Finance Advisor shall inform the National Treasurer within thirty (30) days of any discrepancies found in the audit.
        1. The National Treasurer shall have ten (10) days to correct discrepancies and re-submit to the Board of Trustees Finance Advisor.
    3. Chapter Audit
      1. Each Chapter Treasurer shall submit the following information to the National Treasurer by June 30:
        1. Copies of all statements for each bank or investment account for the fiscal year.
        2. General Ledger transactions for the fiscal year.
      2. The National Treasurer shall inform the appropriate Chapter Treasurer within thirty (30) days of any discrepancies found in the audit.
        1. The Chapter Treasurer shall have ten (10) days to correct discrepancies and re-submit to the National Treasurer.
  1. Policy
    1. This policy shall be revised as necessary by the National Treasurer and the National Finance Committee.
    2. The revised policy shall be approved by the National Finance Committee and submitted to both the National Executive Committee and Board of Trustees.
    3. The committee-approved policy shall be approved by two-thirds (⅔) vote of both the National Executive Committee and Board of Trustees and presented to the National Convention for informational purposes only.
Approved March 10, 2012 for the fiscal year ending June 30
Sarah Guthrie, Acting National Secretary, June 4, 2016