ΦΣΠ

ARTICLE X: Finances 

 

Section 1: The Epsilon Iota Chapter shall levy additional Chapter Semester Dues, in accordance with Chapter needs. Each member shall pay Chapter Dues ($110), as determined by the Epsilon Iota Chapter at the fourth scheduled meeting of the semester, to the Vice President of Finance. If a Member does not pay the Chapter Dues by this deadline or has not made arrangements with the Chapter Vice President of Finance, the Member shall be subject to a five ($5) dollar fine for the first day of delinquency, and a one ($1) dollar fine for each additional day of delinquency until Chapter Dues are paid in full or until special arrangements have been made with the Chapter Vice President of Finance. The Chapter may also take further disciplinary action in accordance with Article XI. 

 

Section 2: A minimum balance of two hundred dollars ($200.00), or an amount required by the financial institution at which the Epsilon Iota Chapter’s accounts are held, shall be established for the treasury. This is to ensure that a viable fund shall be on hand at all times to provide for any emergency allocations, which may occur. 

 

Section 3: To ensure financial security, the signature of both the faculty adviser and vice president of finance are required on any fraternity financial disbursements. 

 

Section 4: The Epsilon Iota Chapter’s fiscal year begins July 1 and ends the following June 30. The financial policies of the Epsilon Iota Chapter shall be governed by a budget adopted at the beginning of each fiscal year. 

 

Section 5: Finances paid specifically to the Epsilon Iota Chapter during the initiation process are property of the chapter and are non-refundable regardless of promotion to active membership. Upon acceptance into Phi Sigma Pi, an Initiate shall pay a ten dollar ($10) deposit for his or her Shield Pin. If and when the pin is returned in good condition, the Initiate will be refunded his or her full deposit. All finances paid to the Phi Sigma Pi National Office during the initiation process will be refunded in their entirety if an initiate is not promoted to active membership. 

 

Section 6: The Epsilon Iota Chapter will not fund alcohol-related events. 

 

Section 7: Every semester, the Chapter will select a Brother of the Semester. Nominations are to be made during Week 12 of the semester for Brothers who are not currently on Probation. The Brother who is selected for Brother of the Semester will be excused from paying dues for the semester following the semester in which they are selected. Every year the chapter will select a brother of the year. This brother will be excused from paying dues for the next semester. 

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