Today, Chief Executive Officer, Donald E. Aldrich, announced the 2014-2015 Fee Structure for Tau Kappa Epsilon.
"I'm very excited that we were able to lower fees for the 2014-2015 fiscal year by $10 per member. The Professional Staff has worked tirelessly to re-analyze old business practices to more accurately assess fees to our chapters and colonies," said Aldrich.
The Professional Staff took a hard look at the Risk Management Fee calculation. In the calculation, we were assessing a blanket 65% retention rate of our members including graduations and transfers. Instead of using this blanket 65% retention rate, we are now assessing Risk Management Fees on a per chapter basis to be more accurate. Because of this, we were able to assess the Risk Management Fee to be $200 per member instead of $230 per member in 2013-2014.
At the end of the day, Tau Kappa Epsilon has actually decreased fees by $10 per member.
Below are the details on each fee.
Candidate Fee - $75 per man
All candidates must pay this non-refundable fee, which is due within 14 days of bid acceptance. Officers must register each candidate using the TKE Chapter Module. Each candidate will receive a validation email to complete their registration process and pay their fees via MyTKE.org. After 14 days, the chapter or colony becomes responsible for the Candidate Fee even if the candidate drops out before initiation. Chapter officers should use the TKE Chapter Module to monitor which candidates have paid their fee to the Offices of the Grand Chapter.
Initiation Fee - $225 per man ($300 total with Candidate Fee) or One-time Initiation Fee Option - $675 per man ($750 total with Candidate Fee)
Prior to initiation, each candidate must pay an Initiation Fee, which should be done using MyTKE.org. Initiates who pay the One-time Initiation Fee Option will not have to pay Annual Membership Fees for the rest of their collegiate careers. If the Initiation Fee is not received within 15 days of initiation, a penalty equal to 40% of the Initiation Fee ($90) will be added your chapter statement.
Annual Membership Fees - $150 per man for the year (or $90 per man each semester)
The best option is to pay your AMF in full for the year, due by October 1. The chapter or colony will save $30 per man by paying in advance for the full year. If choosing the split option, the first installment of $90 per man is due October 1 and the second installment of $90 per man is due no later than March 1. All returning active members of TKE chapters and colonies are obligated to pay this fee.
Graduate students have the option to be active members of a TKE chapter or colony. Any graduate student wishing to be an active member must pay Annual Membership Fees. Graduate students include all students who have received a bachelor's degree but are still taking classes at a college or university.
Founders Housing Fund Fee - $10 per man per semester
Starting in 2014-2015, the Grand Council took steps to realize a long-standing dream for TKE Nation: to establish a long-term plan to help secure, maintain, improve and re-establish housing at active chapters. This action by the Grand Council incorporates a fee of $10 per semester for all initiated collegiate Fraters, due November 30 and April 30, to be used exclusively for the benefit of chapter housing through the Founders Housing Fund. In addition, TKE alumni will be solicited to contribute through the TKE Website a minimum of $25 annually to the Founders Housing Fund.
Risk Management Fee - $200 per man per year
James R. Favor & Co. will bill and collect your Risk Management Fee. Each chapter/colony will receive their invoice from JRF & Co by August 30, due by October 15. If the fee is paid in full by September 15, the group will receive a credit on their Chapter Statement for 10% of their Risk Management Fee, which can be used to pay for any other fees owed to the Offices of the Grand Chapter. Alternatively, a chapter can set up payment plan with the OGC with 50% due on October 15 and the remaining payment due on March 15.
Chapter Assessment Fee - $500 single payment; or 2 payments of $390 (Total of: $780) per Chapter
The chapter assessment fee is an annual fee each chapter pays to support the TKE Nation ensuring dependable access to chapter services and resources. For 2014-15 it will be due in two equal installments of $390, one due November 1 & the second due March 11, or a single payment of $500.
Conclave Savings Plan - $250 per semester
Conclave installment payments are due no later than November 30 for the Fall semester and April 30 for the Spring semester. The CSP is a savings plan offset the cost of sending a delegate from each chapter to the 2015 Conclave. There are 4 payments towards this per biennium.
Total per Member Fees 2013-2014
Annual Membership Fee: $150 one time
Risk Management: $230 one time
Total per Member Fees 2014-2015
Annual Membership Fee: $150 one time
Risk Management: $200
Founders Housing Fee: $20
Total: $370/member (lowered 2.63%)