INDIANAPOLIS – By now, all chapters and colonies in Tau Kappa Epsilon have received their 2014-2015 Risk Management Fee invoice from James R. Favor & Company.
"We are very excited about this new process. With our new fee calculation, we were able to release Risk Management Fee invoices over 3 weeks earlier than we did last year," said Frater Brett Widner, Chief Financial Officer. "By releasing the invoices as early as we did, it allows our chapters & colonies to better prepare as they begin the academic year."
In the old 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. Both the old calculation and the new calculation utilize the prior fiscal year's AMF Worksheet roster.
Risk Management Fees are due in full by October 15. Your chapter/colony can pay by September 15th and receive a 10% credit on your Chapter Statement.
Alternatively, a chapter can set up a payment plan with Eric Johnson at the Offices of the Grand Chapter for at least 50% due on October 15th and the remaining payment due on March 15th.
If your payment is not received on time, your insurance coverage will be cancelled and you will be charged an Insurance Reinstatement Charge of $250. Failure to pay your Risk Management Fee will result in coverage cancellation and may result in your chapter's loss of recognition with Tau Kappa Epsilon. To view the Risk Management Fees invoice, please log into the TKE Chapter Module at https://module.tke.org.
For American TKE chapters/colonies, payments should be made directly to James R. Favor & Company at http://www.jrfco.com/ach.htm.
For Canadian TKE chapters/colonies, payments should be made directly to Tau Kappa Epsilon at https://module.tke.org.