Finance

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

Irs 990 PKTadminPKTadmin rev. 2 09 Nov 2007 18:32
How To Use Small Claims Court PKTadminPKTadmin rev. 0 09 Nov 2007 18:42
Finance Committee PKTadminPKTadmin rev. 1 09 Nov 2007 20:17
Introduction To Finance PKTadminPKTadmin rev. 2 09 Nov 2007 20:22
Brief Overview Of Financial Terms PKTadminPKTadmin rev. 2 14 Nov 2007 20:29
Budgeting PKTadminPKTadmin rev. 7 14 Nov 2007 20:33
Collecting Overdue Accounts PKTadminPKTadmin rev. 6 14 Nov 2007 20:35
Techniques For Staying On Budget GFGF rev. 2 28 Nov 2007 15:59
Sample Letters For Collection ChuckPKT113ChuckPKT113 rev. 2 11 Sep 2008 15:41
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