FINANCIAL DUE DATES
INITIATION/NEW MEMBER FEES
Once a chapter has developed a new member (pledge) class, chapter presidents are required to submit the names of each new member via Vault which allows each person to create a Xaipe Connect account. Chapters are then responsible for submitting an Initiation Application to the headquarters to approve which will trigger the initiation/new member fee invoice.
Two weeks prior to initiation, chapters are required to submit payment of $350/new member using their OmegaFi Vault account. Failure to fully register new members and submit payment in full prior to the initiation ceremony will result in late fees of $50/new member. This policy is meant to ensure that chapters receive their badges and new member material prior to initiation.
CANADIAN FEE POLICY
In 1997, a resolution was adopted by the 165th Convention directed the Board of Governors to devise a method to bring payments by U.S. and Canadian brothers into rough economic parity. The Board presented alternatives at the 166th Convention (1998), but the Convention could not agree as to which alternative should be adopted, and the Convention adjourned without making a decision. During Fiscal Year 1998-1999 the Board of Governors developed a plan for a phased-in and gradual move towards ending disparity. This plan called for moving toward parity over five years, with no change in the first year (1999-2000), and then a 25% increment towards parity for each of the following four years. The plan also specified that once parity was attained, adjustments would be made only when there was a differential of 10% or more between the two currencies. During the fiscal year 2003-2004 (the fifth and final year of the gradual transition to parity), the fraternity calculated Canadian fees based on 100% of the difference in value between Canadian and U.S. currencies “rounded” to convenient amounts. Since that time an equivalency factor has been calculated each year on or about July 1, the start of the fraternity’s fiscal year.
CALCULATION OF FEES FOR THE FRATERNITY’S FISCAL YEAR 7/1/18 - 6/30/19
Relative Values of Currencies as of market close on June 29, 2018 (per the WSJ Currency Exchange)
Since there has not been a substantial change in the relative values of the currencies during the most recent fiscal year, during the fraternity’s 2018-2019 Fiscal Year fees will remain payable in either U.S. or Canadian currency as follows:
INITIATION/NEW MEMBER FEE
$350.00 U.S. or $460 Canadian
ANNUAL MEMBERSHIP FEE
$175.00 U.S. or $230 Canadian
ANNUAL CHAPTER ORGANIZATION FEE
$300.00 U.S. or $390 Canadian
ANNUAL ALUMNI ORGANIZATION FEE
$600.00 U.S. or $775 Canadian
LIABILITY INSURANCE FEES
Billing is issued October 1. For questions related to your chapter's insurance, contact Holmes Murphy at 800-736-4327.
IRS Form 990 is due on the 15th day of the 5th month following the end of the chapter’s taxable year, or November 15th.
Holmes Murphy, the fraternity’s insurance vendor, bills chapters and alumni directly. Payments are due in full however, there are financing options available in certain situations.
For questions about your chapter bill, please contact your OmegaFi Account Manager.