Back to Basics - Creating a Budget
INDIANAPOLIS – The beginning of another school year is here. That means it is time to prepare, review and finalize your chapter or colony's budget for the upcoming academic year. Financial responsibility is a key component of every successful organization on campus. Having a budget in place for the upcoming year will ensure that funds are available for recruitment, philanthropy, scholarships, brotherhood events, Red Carnation Ball, and most importantly, Conclave!
Follow the guidelines below to make sure that your chapter or colony is financially stable for the 2014-2015 academic year.
Notice the Difference: Tau Kappa Epsilon adjusted its fee structure for the 2014-2015 academic year. Overall, member fees were lowered by $10 per member (2.63%) from the prior year. Follow the link to see the updated FEE STRUCTURE.
Review Your Budget: Chapters and colonies were encouraged to establish a budget at the end of the 2013-2014 academic year. If you did, you're on the right track. If not, now is a great time to review BUDGETING BASICS. These basics will explain who develops and approves the budget, the importance of establishing a budget, and tips on how to improve your budget performance.
View a Sample Budget: View a SAMPLE BUDGET 2014-2015 to ensure that there is room for your chapter or colony to operate this year. Simply enter your membership size and edit estimated allocations. The calculator will produce your estimated annual or per semester dues.
Collect Dues: It's important to collect dues at the beginning of the academic year. When members fail to pay dues, chapters and colonies are unable to afford the expenses associated with recruitment, philanthropy, IFC, etc. By collecting dues right away, chapter and colonies are able to properly manage a budget and afford fixed expenditures. TKE has compiled a list of COLLECTION TECHNIQUES for you to utilize.
Tax Season: Don't worry; your personal taxes aren't due until April 15, 2015. Tau Kappa Epsilon is organized as a 501 (c) 7 non-profit corporation and is recognized by the IRS as a tax-exempt organization. Unfortunately, even with federal tax-exempt status, you WILL need to file with the IRS annually. This year, chapter 990-N tax forms must be filed by October 15, 2014. Visit our TAX PAGE to learn more. Also, see How to file your 990-N.
To review other areas of finance management including: Greek Bill, James R. Favor & Co, fundraising, financial reports, fee structure and financial stability, visit tke.org/member_resources/finance.
For more information, please contact:
317.872.6533 Ext. 252