How to Navigate Risk Management Fees
After completing an Annual Membership Fee Roster, all chapters and colonies in Tau Kappa Epsilon receive their Risk Management Fee invoice.
The Risk Management Fee billing is created using this roster. By utilizing it, we were able to capture any and all roster changes/adjustments made throughout the 2019-2020 year including, but not limited to; new initiates, resignations, expulsions, transfers, etc.
Now that you know how your Risk Management Fee is calculated, when is it due and how do you pay it? Well, there are a few options for your chapter to choose from. The best option is to pay your RMF in full for the year by October 1. A 10% credit is issued to your Chapter Statement that can be used to pay for other items such as Annual Membership Fees. Alternatively, you can pay in full by October 15th or pay 50% by October 15th and the remaining 50% by March 15th.
Option 1 – Early Bird Special – Pay in full by October 1st and receive a 10% credit on your Chapter Statement
Option 2 – Pay in full by October 15th
Option 3 – Pay your 1st installment of 50% by October 15th
Pay your 2nd installment of 50% by 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 and pay the Risk Management Fees invoice, please log into the TKE Chapter Module at https://module.tke.org.
One of the biggest misconceptions is that financial matters are only the responsibility of the Crysophylos. One of the most common reasons that a group fails is poor financial management -- too many members not paying their bills, expenditures in excess of income, deterioration of physical facilities, cancellation of events, etc. Every man has a right to know how his money is being spent, and should insist that it is spent wisely.
The Crysophylos is the Chief Financial Officer of the chapter, but he is aided by the Recruitment Committee, House Committee, Social Committee, Activities Committee and the other officers on the executive board. Without the help of these individuals, it is impossible to ask the Crysophylos to budget, collect, and properly distribute funds.
Use the resources below, and at TKE.org/Finance, to build a budget, establish financial stability, and properly report spending/income, among other things. Also, insist that everyone in your chapter visit TKE.org/Year-At-A-Glance to see and subscribe to all of the important TKE deadlines.
Tau Kappa Epsilon has created helpful resource guides to aid you in chapter management. Check out the guides below for more information on these topics.
How does TKE manage our money?
TKE is dedicated to building better men for a better world. We do that by providing our members with the tools and resources to grow and learn so that they can ultimately become the best version of themselves. This infographic is a great source of information on how our organization utilizes its funds, along with the funds generated from external sources, to provide the TKE experience that you know and love.