TKE Announces New Risk Fee Calculation
INDIANAPOLIS – Tau Kappa Epsilon announces an update to the Risk Management Fee (RMF) calculation. After robust conversations with collegiate leaders, the Grand Council and Risk Committee have approved a new model which calculates RMFs on three factors.
Grand Epiprytanis and Risk Committee Chairman Ryan Vescio said, "After receiving extensive feedback from our collegiate members, we have made a significant change to our Risk Management Fee calculation. The new calculation bases each group’s Risk Management Fee on the risk exposure posed to the overall Fraternity. As groups follow Risk Management Guidelines, attend conferences, complete eCompliance and other factors, they are rewarded with discounts to their annual risk fee."
For fiscal year 2022-2023, all Risk Management Fees begin at a base rate of $210 per member. From there, each of the three factor areas can either increase or decrease that base rate. The three factor areas include status in a Chapter Facility, Claims and Incident History and Operational Excellence.
For the first year (2022-2023) of this new calculation, the Grand Council has approved gradual adjustments, which result in 50% of any increase or decrease implemented in the first year. For example, if a group has a $20 increase in RMFs for 2022-2023 fiscal year, the Risk Management Fee will simply increase $10 this year. All calculations are final as of May 31 each year.
You can learn more about how the Risk Management Fee will be calculated at TKE.org/RiskFeeCalculation.
We welcome you to join us for an upcoming webinar, where we will answer questions regarding the new Risk Management Fee.
- Chapter Advisors: March 10 (as part of the monthly Chapter Advisor webinar series)
- Collegiate Members: March 24
For more information on the webinars, please contact Chris Niles.
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