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Chapter Accounting Standards PDF Print E-mail

CAS

In light of recent IRS focus on increased non-profit scrutiny, chapter presidents who served as delegates to the 171st General Convention last summer 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:

  1. Budgeting,
  2. Member billing and dues collection,
  3. Payables and
  4. IRS compliance and reporting.

As a result, a core group of volunteer advisors, a chapter treasurer and financial professionals were asked to serve as a research committee with their ultimate charge being the presentation of a first-in-class Beta chapter financial management program that streamlines the administrative financial tasks of our chapters and colonies across North America. With the goal of…

  1. Allowing chapters to maintain financial leadership and responsibility at the local level,
  2. Honoring IRS rules and tax regulations, and
  3. 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:

  1. Chapters partner with Billhighway, Beta’s new, official web-based accounting service provider.
  2. Chapters arrange for an accounting professional verification of finances.
  3. Chapters self-report financial statements and IRS forms.

CAS Options

While Beta chapters are free to choose which method best suits their needs, the Fraternity strongly encourages chapters to partner with Billhighway because of its credibility among all Greek organizations. Further, because the Fraternity has selected Billhighway as its official chapter-accounting partner, membership rosters from the Administrative Office will be integrated seamlessly into a chapter’s customized Billhighway system – which will allow chapter officers and members to quickly, accurately and easily maintain their semester or quarterly finances and historical financial records. This streamlined process is particularly helpful with IRS mandates and regulations, and it takes a lot of the unnecessary stress out of chapter financial reporting.  For all chapters choosing to partner with Billhighway, the General Fraternity will file their required annual 990 IRS report.

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 this Frequently Asked Questions document.

If you’d like to speak with someone regarding the chapter accounting standards options or Billhighway, call the Administrative Office at 800-800-BETA (2382). 

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