Colony Budgets

Although a colony budget can be quite different from a chapter budget, many of the budgeting basics are the same. However, you should work from this Sample Colony Budget (xls) and follow these instructions:

Semester #1

  1. Input the number of men who are forming the chapter and the amount of dues the colony is going to charge.
    • Dues need to cover all expenses. Fundraisers and donations are not reliable sources of income and therefore should never be included when constructing a budget. These are added income and should be used for brotherhood events or as a way to refund dues. They should never be used as a replacement for dues.

  2. The expenses for the first semester are laid out for the colony:

    • Risk Management Fees will be $1,000.

    • The first Chartering Fee is due (installment #1 of 3).

    • The first payment for the Conclave Savings Plan (CSP) is due. Your colony is required to send a representative to Conclave, which is every other year. The CSP covers the cost of sending this representative.

    • Candidate Fees for each member need to be paid.

    • Attending a Regional Leadership Conference or Province Educational Conference will help the colony get off to a good start. These are held every year and charge a small fee for lodging and food.

    • The university might charge each member an Interfraternity Council (IFC) fee.

At the end of the semester the colony should have several thousand dollars saved up in their account. This money will be needed closer to chartering.

Semester #2

  1. Input the number of men returning the second semester and dues charged to each.
  2. Input the projected number of new members the colony will recruit this semester and the dues for each.

    • All new members from now on will have to pay Candidate and Initiation Fees in the same semester, so take this into consideration when determining their dues.

  3. The expenses for the second semester are laid out for the colony:

    • Risk Management Fees will be $1,000.

    • The second Chartering Fee is due (installment #2 of 3).

    • The second payment for the CSP is due.

    • Initiation Fees are due. All members who paid their Candidate Fees the first semester have to pay Initiation Fees now. Initiation will occur early in the second semester.

    • Money should be set aside for social events, recruitment and a composite.

    • There will also be IFC dues and RLC.

    • A portion of the dues charged to new members will go to fund their new member education.