10 Ways to Financially Prepare for Fall
We know some of our members won’t be able to come back to school because of COVID-19. Others are returning but having financial difficulties that complicate their membership. Here are some sound financial provisions to enact now in preparation for the upcoming academic year.
Budget
Contact the (inter)national organization to learn if membership options are available to initiated members experiencing financial hardship.
If status options are available, work with your council’s officers to see if council fees would be temporarily waived for members seeking a temporary status leave.
Survey current members to confirm who is returning in the fall to ensure budgetary numbers balance.
Explain what different status options mean for those needing to pause membership in an effort to reduce voluntary suspensions.
If your organization allows, offer a reduction in dues (ex. 10–15%) to incentivize those able to pay in full. This creates immediate cash flow to operate in the fall.
Review the budget line items to ensure proper funding is allocated to meet this moment in time.
health and safety expenses during the pandemic.
brotherhood/sisterhood event budget to support more small group gatherings
technology funds if chapter meetings are virtual, etc.
Contracts + Vendor Partnerships
Review current contracts to determine if the service is still a priority.
Wait before entering into new contractual agreements.
Service prices are at an all-time low. While it might feel like these deals won’t last, take a step back and determine if now’s the best time to enter into a new agreement.
Collaborate with all chapters to create buying power as a council.
Working together, your council can create dynamic leverage for one vendor to become the exclusive provider of a specific service to lower costs for T-shirt orders, composites etc.
Sponsorships + Fundraising
Consider if there are areas to create sponsorships opportunities offsetting chapter expenses.
Before reaching out to alumni or local businesses, remember some fundraising musts:
Explain the donation’s purpose
Only seek donations from alumni or individuals the chapter has an established relationship with.
Follow up financial gifts with personal recognition of the donations received.