Each pledge of Beta Theta Pi pays fees to the General Fraternity for membership costs of the organization. By joining the Fraternity they also assume the obligation of maintaining her financial viability and operation. This means each member is expected to pay dues and fulfull their financial commitments.
On the chapter level, this operation can often escalate with the need for a detailed budget, housing fees, procedures for delinquent members and more. The finance department of the Administrative Office and many resources are available to support treasurers and chapters in this capacity.
Chapter Accounting Standards
Chapter presidents who served as delegates to the 171st General Convention tasked General Fraternity leaders to research and recommend to the Board of Trustees a refined and straightforward approach to chapter finances that would aid chapters with:
- Member billing and dues collection
- IRS compliance and reporting
With that charge in mind, as well as the additional goals of:
- Allowing chapters to maintain financial leadership and responsibility at the local level
- Honoring IRS rules and tax regulations
- Providing the best online accounting service provider at the lowest possible industry cost
…the Board of Trustees recently voted to adopt uniform Chapter Accounting Standards and approve three options for chapter financial management and accounting:
- Chapters partner with BillHighway, Beta’s new, official web-based accounting service provider
- Chapters arrange for an accounting professional verification of finances
- Chapters self-report financial statements and IRS forms (Only available for current Self-Reporting chapters that remain compliant)
In 2013, after seeing the compliance rates of each CAS option, the Board of Trustees modified the options to only allow chapters in the future to select the BillHighway or accounting professional options while allowing compliant self-reporting chapters to continue to prove their compliance. Furthermore, in order to better assist BillHighway chapters, the BillHighway Gold and Platinum service levels were created. These programs can assist those chapters or house corporations that would benefit from additional coaching, support and automated processes.
While Beta chapters are free to choose which method best suits their needs, the Fraternity strongly encourages chapters to partner with BillHighway, the Fraternity’s official chapter-accounting partner. Chapters that use BillHighway enjoy full integration with Administrative Office member rosters, access to historical financial records, and annual IRS form 990 submission on the chapter’s behalf by the General Fraternity.
For more background information about the process that led up to the presentation of these three particular chapter financial management options and to learn more about BillHighway’s comprehensive set of services, features, advantages and benefits, please review the Frequently Asked Questions document linked below.
If you’d like to speak with someone regarding the chapter accounting standards options or BillHighway, call the Administrative Office at 800.800.BETA.
BillHighway Related Links:
What do I need to do in order to partner with BillHighway?
What is the pricing for BillHighway?
BillHighway Gold and Platinum Programs
How do I add my parent's email to BillHighway so they are cc'd on my bills?