Chief Executive Officer Shawn A. Babine anounced in June the approval of the 2013 - 2014 Fees Structure for the Fraternity. The following information shows how this new structure will impact the collegiate membership this upcoming year.
There are two payment options available to our chapters.
1) 10% Rebate for Payment in Full to James R. Favor by September 16th, 2013.
2) Full Annual Assessment paid in Full to James R. Favor by October 15th, 2013.
Since 2012, James R. Favor & Company has been TKE's premier risk management services provider. JRF & Co an authorized underwriting agent for Lloyds of London underwrites TKE's insurance coverage. As our broker JRF & Co bill and collect the Annual Risk Management Fee assessment.
TKE and the Offices of the Grand Chapter is responsible to set the fee rates annually. In 2012 TKE used criteria to set that rate:
|Annual Risk Management Fee||2012-2013||2013-2014|
|One Rate - One Fee
Many chapter officers and volunteers have questioned "How and why am I rated ________?", (you insert your own rating). Your feedback is important and we have listened and in 2013, TKE will eliminate the fourth criteria (e.g. rating the chapter high, medium, or low) in determining your annual risk management fee.
The fact is determining if Chapter X is a high risk or low risk has been an unscientific based assessment. The traditional norms in identifying riskier behavior is evolving quicker than we can often react to. However, what TKE concretely understands is the cost of risk management and risk education for our fraternity and when we take that expense. and project it out to our total membership we can calculate a "One Rate – One Fee" rate of $230.00.
Here is a simple calculation and a budget calculator for you to calculate your chapter's annual risk management fee:
Each chapter and colony receives an invoice directly from James R. Favor & Company prior to August 31. A chapter can make full payment to JRF & Co. any time prior to October 15.