Finance

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Borradaile Standard

Maxwell, Order of the Star, Basic: Must submit an annual budget and be in good standing at the end of the year.

The Executive Offices updates this information monthly. It takes account of payment plans and displays balances. Updated Financial information is available on the Dashboard which you can acces on The Link at link.phikappatau.org.

General Finance Information

Contact: Lisa A. Adams, Finance Coordinator - gro.uatappakihp|smadaal#gro.uatappakihp|smadaal Extension 232

Annual Budget and Chapter Statements

1. Annual Budgets must be completed and sent to the Executive Office by October 15.
   1. Budgets must show a 5% surplus.
2. Fall Chapter Statement will be sent in an email and payment is due by October 15.
   1. You will not receive a paper statement; you will receive an emailed copy.
3. Spring Chapter Statement will be sent in an email and payment is due by February 15.
   1. You will not receive a paper statement; you will receive an emailed copy.

IRS Form 990

1. All chapters must submit the Phi Kappa Tau IRS 990 Explanation Form.
   1. Due Date Based on Fiscal Year (February 15 or November 15)
2. If your chapter nets less than $25,000 in income you do not need to file with the IRS. A copy of the IRS 990, if wiled with the government, must be sent to the Executive Offices.

Financial Delinquency Policy

1. At 30 Days– Warning Letter – An email will be sent to the chapter president, chapter treasurer, BOG Chairman, Financial Advisor, and Domain Director informing all parties of the delinquency and requesting immediate action.
2. At 60 Days– Suspension of chapter activities – If financial delinquency reaches 60 days, the chapter/colony leadership is required to pay in full or contact the National Headquarters 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.
3. If an invoice on the chapter account with the National Fraternity exceeds 30 days, a finance charge of 1.5% a month (18% a year) will be assessed against the invoice balance.
4. More information and current fees available at www.phikappatau.org.

Payment Plans

1. Any chapter in good standing can potentially put a payment plan in place for their Statement.
2. A payment plan must:
   1. Detail dates and amounts of how much the chapter will submit in payment.
   2. Pay off the chapter debt by the end of the academic term (December or June).
   3. Have been approved by a chapter BOG before being emailed to Lisa Adams gro.uatappakihp|smadaal#gro.uatappakihp|smadaal for CEO approval.

Resources

Roster Changes with Semester Billing
Treasurer
Assistant Treasurer

Brief Overview Of Financial Terms

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ACCOUNTING The science of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and...

Budgeting

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Overview The chapter budget is an intelligent estimate of all income and expenses necessary to assure the chapter of healthy financial operations for one fiscal year. The budget is the foundation...

Collecting Overdue Accounts

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Methods of Timely Collections All Dues for the academic school year are due two weeks after returning to school every fall quarter. In all cases, have each brother sign the board and dues...

Finance Committee

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Function The chief function of the Finance Committee is to develop and monitor the implementation of the chapter's fiscal policies and operations. They also are to work with the Treasurer is...

Financial Provisions Of The Phi Kappa Tau Constitution

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Title II, Section 15: Permission to Initiate. A Resident Council shall request and receive permission from the Chief Executive Officer before initiating a man. Request for this permission shall be...

How To Use Small Claims Court

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Short Description Useful in the collection of dues or owed money because of damages of less than $1000.00. Target Audience Treasurer, Finance Advisor, houisng Corporation Borradaile Challenge or...

Introduction To Finance

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The Phi Kappa Tau Fraternity is a business and our business is brotherhood. This business begins at the chapter level and exists because of the National Fraternity much like that of a franchise...

Irs 990

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IRS Form 990 explanation form All chapters must complete an IRS 990 explanation form and return it to the Executive Offices. This form is a Phi Kappa Tau form where the chapter indicates whether...

Sample Letters For Collection

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Notification of Financial Responsibility Letter to Parents PHI KAPPA TAU FRATERNITY ( )CHAPTER CHAPTER ADDRESS Date Parent’s Address Dear Mr. and Mrs. ( ): Phi Kappa Tau Fraternity is very happy...

Techniques For Staying On Budget

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The treasurer is the only member of the chapter who is authorized to spend chapter funds. Other brothers who require expenditure of funds for the completion of their duties (recruitment chairman,...