A Guide to Your Mid-Semester Financial Checkup

It's time for a early/mid-semester financial checkup. With recruitment wrapping up on college and university campuses across the nation, it's a good time to check back on your chapter finances, make sure they're on track and prevent any big surprises or problems heading into winter break.

Here are four areas worth examining:

1. Mid-Semester Audit. Take the opportunity to look back at the greater scope of expenses accrued during the first two months of the semester. With a majority of recruitment and house maintenance expenses out of the way, determine whether your summer projections align with your current position. If you find you need to improve your budget, work with your executive board to reevaluate your dues, collection rate, expenses and fundraising opportunities. Then visit our Budgeting FAQs page and look at a Sample Budget.

2. Fall/Spring Forecast. Once your have a clearer picture of your current budget, decide whether you need to rethink your incomes/expenses. At minimum, chapters should be putting away enough to cover all fixed expenses for the remainder of the fall and spring semesters. A short list of expenses is as follows and a detailed listing can be found here: tke.org/fee_structure

• October 15: 990-N Tax Forms
• October 15: Risk Management Fee (First or Full Payment)
• October 31: Chapter Assessment Fee (First or Full Payment)
• October 31: Fall Conclave Savings Plan
• October 31: Founders Housing Fee
• March 1: Annual Membership Fee (If Applicable)
• March 15: Risk Management Fee (If Applicable)
• March 31: Chapter Assessment Fee (If Applicable)
• March 31: Spring Conclave Savings Plan
• March 31: Founders Housing Fee

3. 990-N IRS Tax Forms. Tau Kappa Epsilon is organized as a 501(c)(7) non-profit corporation and is recognized by the IRS as a tax-exempt entity. While chapters are listed as a subordinate group, earning exemption from federal taxes, you are still required to file with the IRS annually. Chapters must file before October 15.

• Learn how to file your 990-N

4. Answers to Questions. Properly managing chapter finances is an extremely important role. To help you navigate your responsibilities, the Offices of the Grand Chapter is always available to answer your questions. We recommend contacting the following individuals as it pertains to each topic:

• Fundraising/Operations: Area Directors Nate Lehman (Central) and Travis Skodack (Coastal)
• Budgeting/Payment Plans: Finance & Risk Specialist Adam Kearns

For more information, please contact:

Brett Widner
Chief Financial Officer
317.872.6533
BWidner@tke.org