Need a budget? How about details about Fraternity assessments? We’ve got you covered.
Use these resources to help get you started on your financial endeavors. For position-specific handbooks and more materials, please see the myPIKE Resource Center.
The basics
When it comes to finances, a chapter truly is a business. If the chapter utilizes appropriate business procedures in its financial operations, it will most likely prosper, for many similarities exist between a chapter and a private business.
Every business has its investors; the chapter’s investors are its members. From the day a member joins, he invests funds in the chapter. The chapter leaders are charged to manage this investment to the best of their ability.
This page is designed to help simplify chapter finances for treasurers and alumnus finance advisors to answer questions or provide resources that may help guide your chapter’s finances.
Fraternity assessments
2022-23 Assessment Schedule
Fall:
September 1 – LPP Assessment:
- Chapter size < 60: $3,000
- Chapter size 60-90: $3,675
- Chapter size 90+: $4,200
- *Housed chapters: Additional $1,125
- $1,125 credit if chapter elects to go substance-free
October 1 – Chapter/Provisional Chapter Assessment:
- $1,575 + $31.50/initiate
- This is only for initiates on the roster that were initiated in a previous semester. This does not include new members
Five (5) days prior to initiation – One-time Membership Fee:
- $315/new initiate
- This fee is assessed to the chapter. Pi Kappa Alpha does not assess individual members.
Spring:
January 1 – LPP Assessment:
- Chapter will be billed the same amount as the fall
February 1 – Chapter/Provisional Chapter Assessment:
- $1,575 + $31.50/initiate
Five (5) days prior to initiation – One-time Membership Fee:
- $315/new initiate
- This fee is assessed to the chapter. Pi Kappa Alpha does not assess individual members.
* Housed chapters are defined as: any facility or property owned, operated, or leased by a chapter, by its host institution for the purpose of housing chapter members, or by a recognized house corporation. Any facility that displays Pi Kappa Alpha letters or is regularly used to hold chapter meetings or host other chapter events may be considered chapter housing.
Internal Revenue Service (IRS)
The tax filing deadline for chapters is November 15th every year. You can file your taxes through OmegaFi, File990.org, or a local accountant. Chapters who don’t file taxes for three consecutive years will have their tax-exempt status revoked by the IRS. You may contact finance@pikes.org for assistance in regaining your chapter’s tax-exempt status.
Frequently asked questions
“What does it take to be a chapter treasurer?”
As the treasurer of your chapter, you serve in a similar position as the chief financial officer of a business. You sign off on all expenses, and, in turn, you will be held responsible for the financial security of the chapter. Your decisions, your communication, your organizational skills, and your integrity will play a big part in defining where the chapter will go in the future.
“How do I make a budget?”
To build a thorough budget, you might try working backward. To work backward, you want to first determine your set costs and administrative expenses, then calculate how much you think you want to spend as a chapter, and then set chapter dues after that. Many chapters make the mistake of setting dues at an “affordable” number but then run into issues when their expenses are greater than what they can handle. The OmegaFi Budget Tool on Vault is a great starting point when building your chapter’s semesterly budget.
“I’m having trouble getting my chapter to pay dues, how can I change that?”
There are numerous collection tips, tricks, and strategies that will help you collect outstanding dues. First and foremost, be transparent. If the chapter membership doesn’t know where their money is going or why, they are going to be more reluctant to pay. If you’re being transparent and still having issues, here are some more ideas you can try:
- Social & athletic suspension
- Report them to the International Fraternity through the Delinquent Account Report Form
- Identify delinquent accounts during your report at a chapter meeting
- Payment plans
- Incentives to pay in full at the beginning of the semester
“What resources are available to help me run the chapter’s finances?”
You will find several resources below to help you get started, and there are many more, including a handbook, available in the myPIKE Resource Center. This includes, but is not limited to, sample chapter financial policies, sample payment plan form, OmegaFi Budget Tool, delinquent account report form, and more.
“Why do we have to pay assessments? What do they go toward?”
Liability Protection Program (LPP) Assessment: This fee is assessed to each participant of the LPP, which protects participants from general tort liability regarding fraternal activities subject to exclusions and the terms of any insurance policies. The LPP assessment also funds the development of health and safety programs, education at PIKE University events, and chapter risk awareness recognition and awards.
Chapter/Provisional Chapter Assessment & Per-Initiate Fee: These assessments help fund chapter service and resource programs including annual consultant visits, educational material for members, officers, and chapter programming, quarterly publication of the Shield & Diamond magazine, and additional assistance as requested by chapters. In addition, a portion of the Chapter Assessment helps subsidize costs for attendance and participation in PIKE University educational programs and awards. This helps fund the continued advancement and improvement of PIKE University. It helps fund chapter service and resource programs and helps in providing a more well-rounded approach to assisting and improving chapters.
One-time Membership Fee: This is charged to the chapter for each new initiate and is due five days prior to initiation. This fee pays for the administrative costs of initiation, membership certificate, membership card, initiate’s badge, and a copy of The Oak for each new member that is included in the new welcome kits. There is no new member fee charged by the Fraternity; however, chapters are encouraged to charge a new member fee in addition to an initiation fee.
Documents and Resources
| Resource | Download |
|---|---|
| Membership Assessment Engagement Report (Blank) | Download |
| Sample Membership Contract | Download |
| Chapter Budget (w/ House) | Download |
| Chapter Budget (No House) | Download |
| Provisional Chapter Budget | Download |
| Sample Chapter Financial Policies | Download |
| Sample Payment Plan Contract | Download |
| IRS Form 990-N Electronic Filing User Guide | Download |
In order to expedite your request to receive a certificate of insurance (COI), please note the following:
- All contracts and agreements should be in the name of your chapter (e.g. “Omega Omega Chapter of Pi Kappa Alpha” or “Omega Omega Chapter”); listing “Pi Kappa Alpha” in an agreement may imply the International Fraternity, which is not a party to such agreements.
- All requests for a COI should be accompanied by documentation (contracts, agreements, etc.) detailing the specific insurance requirements for the chapter.
- Chapters should allow five (5) business days for a COI to be processed. In order to expedite your request, please ensure all information is complete.
- Chapters must have a zero dollar ($0) balance with the International Fraternity in order to receive a COI. You may still request a COI with a balance but must confirm that the balance is paid before a COI can be issued.