Colony Finances
No participate as a part of a National Fraternity there are certain dues and fees that are required. The following is a list of our fees and an example of how a colony would be billed.
For more information, e-mail Alpha Kappa Lambda or call 317.585.4900.
Understanding the National Financial Requirements of a Fraternity
The semester a man joins he is responsible for two specific fees, MEMBERSHIP FEE and NATIONAL DUES. The membership fee must be paid at the time the man pledges. The national dues will be billed to the colony within 15 days of receiving the member fee and/or member record. Again these numbers are per member.
MEMBERSHIP FEE = $225.00
MEMBER DUES = $40.00
Total due first semester = $265.00
Members who have already pledged the Fraternity pay the following fees per the specific semester:
Fall Semester (would not apply this year since you have no current members)
MEMBER DUES = $40.00
INSURANCE = $77.50 (estimated)
Total due Fall semester = $117.50
Spring Semester
MEMBER DUES = $40.00
INSURANCE = $77.50 (estimated)
MEETING FEES = $20
Total due Spring semester =$137.50
When a man joins there are three ways he can be removed from an undergraduate roster. The first is that he is depledged (assuming he is never initiated). The second is that he graduates or permanently leaves campus. The third is he is expelled (which means he loses his membership). Men cannot just take time off after they join. They are responsible for these fees each semester they are on the roster.
***Colonies have to pay a chartering fee to become a chapter of $1000. Member dues paid in each semester will reduce the total due to charter. As an example if you have 25 men that pay $40.00 in member dues the chartering fee will be reduced to $0.
The Following is an explanation of our fees.
MEMBERSHIP FEE
$225.00 to be submitted to National Headquarters WITH the Pledge Form WITHIN TEN (10) DAYS OF PLEDGING. Delays will result in a $5.00 late charge for each item (i.e. the form and the fee for each man). This is a one time affiliation fee to join Alpha Kappa Lambda,
NATIONAL DUES
$80.00/year to be collected from EACH man on the chapter roster. This includes BOTH pledges and initiated members. Payment is due fourteen (14) days after the start of classes. This fee covers the general operations of the Fraternity and is required to be paid by every active undergraduate member.
Upon receipt of the pledge card NHQ will invoice the chapter for the dues payment for the new pledges. It is important that you advise the man of this obligation during the period of recruitment.
MEETINGS FEE
$20.00 per member billed in February. The assessment is based upon the chapter membership count as of January 15th. (Pledges of record are included.) This fee is used in assisting with the costs of our National Conclave and Leadership Conferences provided to our undergraduates.
LIABILITY INSURANCE
Each chapter is billed according to their rate and number of members on the rolls as of July 1. Payment must be made by September 30, 2007 to avoid a late charge.
The second portion of this fee will be invoiced on January 9, 2008. You should be certain that all changes are reported to NHQ in time to be taken into consideration when making our count. This invoice may NOT be adjusted.
This insurance provides protection for our members in case of litigation resulting from injury or damage caused by the colony/chapter by accident or unknowingly.