Difference between revisions of "National Constitution Article XV"

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'''''Article Summary:''' Article XVI of the National Constitution defines dues and fees, sets the the National Fraternity's fiscal year, and provides banking, investment, and accounting guidelines.''
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== ARTICLE XV: NATIONAL FINANCES ==
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=== Section 1: Dues ===
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<ol style="list-style-type:upper-alpha">
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<li>Active and Locally Inactive Members of Collegiate Chapters shall pay National Dues to Phi Sigma Pi each semester or quarter of the academic year, by dates established by the National Council, through the Collegiate Chapter Treasurer. Collegiate Chapters with sheltering institutions on a trimester or quarter system have the option, if deemed necessary by the National Office, to be assessed National Dues on a more frequent basis. However, the total annual National Dues charged in these instances shall be rounded up to the nearest whole dollar. Members shall pay all or part of the National Dues for the academic period in which the Member shall be Inducted, as determined by the National Council.</li>
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<li>Nationally Inactive Members shall be exempt from paying National Dues.</li>
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<li>Each Chapter shall submit the appropriate form along with the respective National Dues by the dates established by the National Council.</li>
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</ol>
  
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== ARTICLE XV: HOUSE CORPORATIONS AND CHAPTER HOUSING ==
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=== Section 2: Induction Fees ===
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=== Section 1: Prohibitions ===
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<ol style="list-style-type:upper-alpha">
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No unincorporated Chapter shall own or lease real property under any circumstances.
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<li>The National Induction Fee for a Member shall be payable at the time of Induction. Each Collegiate Chapter shall pay all Induction Fees to Phi Sigma Pi, through the Collegiate Chapter Treasurer, by sending the fees to the National Office by a deadline determined by the National Council. Chapters may levy an additional Induction Fee in accordance with Collegiate Chapter needs.</li>
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<li>Each Chapter shall submit the appropriate forms along with the respective National Fees by the dates established by the National Council.</li>
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</ol>
  
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=== Section 2: Incorporation ===
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=== Section 3: Fiscal Year ===
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A nonprofit corporation may be incorporated by Chapter Members under the laws of the state in which the property shall be located for the purpose for owning or leasing real property. The corporation must include in its Articles of Incorporation the mission statement of Phi Sigma Pi and submit all governing documents with the incorporation application. The Chapter shall submit a copy of the Certificate of Incorporation to the National Office.
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Phi Sigma Pi's fiscal year shall begin July 1 and end the following June 30.
  
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=== Section 3: Approval from National Council ===
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=== Section 4: Accounts ===
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Before a Chapter seeks incorporated status from the state, it must request and be granted approval from the National Council. If approval is granted, all documents filed to obtain incorporated status must also be provided to the National Council.
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All cash funds of Phi Sigma Pi shall be deposited in the name of Phi Sigma Pi National Honor Fraternity in institutions which are insured. Checks, drafts and other items for collection, requiring endorsement, shall be endorsed in the name of Phi Sigma Pi National Honor Fraternity by the designated signers established by the National Council. All checks issued against any of Phi Sigma Pi's accounts shall be conveyed over the signatures of two (2) designated signers on the account.
  
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=== Section 4: Insurance ===
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=== Section 5: Investments ===
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Any nonprofit corporation that owns or leases real property is required to maintain liability insurance on all real property owned or leased and is required to maintain any other insurance as required by the National Council on all real property owned or leased.
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All bonds, securities and other investments acquired by Phi Sigma Pi shall be held in the name of Phi SigmaPiNationalHonorFraternity.AllsecuritiesacquiredbyPhiSigmaPishallbeheldfortheaccount of Phi Sigma Pi National Honor Fraternity in an institution which shall be a Member of the Federal Reserve System or insured by the Securities Investor Protection Corporation. All Phi Sigma Pi investment transactions, when authorized by the National Council, shall be conveyed over the signatures of two (2) designated signers on the account.
  
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=== Section 5: Reporting ===
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=== Section 6: Annual Review (Audit) ===
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All Chapters owning or leasing property shall appoint a responsible party to make reports to the National Headquarters each academic term.
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The National Council shall retain annually an independent Certified Public Accountant to review the books and accounts of the National Office and Phi Sigma Pi.
  
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=== Section 6: Display of Fraternity Marks ===
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=== Section 7: Annual Presentation of Proposed Budget ===
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Any corporation that wishes to permanently display any of the Fraternity’s marks on the exterior of any structure, shall seek and must be granted, written approval from the National Council to do so and must comply with any stipulations required by the National Council.
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The Vice President of Finance is to submit the proposed budget seven (7) days after approval by the National Council to each of the individual Chapters.
  
 
{{National Constitution}}
 
{{National Constitution}}
 
[[Category:National Constitution]]
 
[[Category:National Constitution]]

Revision as of 18:34, 17 September 2017


Article Summary: Article XVI of the National Constitution defines dues and fees, sets the the National Fraternity's fiscal year, and provides banking, investment, and accounting guidelines.

ARTICLE XV: NATIONAL FINANCES

Section 1: Dues

  1. Active and Locally Inactive Members of Collegiate Chapters shall pay National Dues to Phi Sigma Pi each semester or quarter of the academic year, by dates established by the National Council, through the Collegiate Chapter Treasurer. Collegiate Chapters with sheltering institutions on a trimester or quarter system have the option, if deemed necessary by the National Office, to be assessed National Dues on a more frequent basis. However, the total annual National Dues charged in these instances shall be rounded up to the nearest whole dollar. Members shall pay all or part of the National Dues for the academic period in which the Member shall be Inducted, as determined by the National Council.
  2. Nationally Inactive Members shall be exempt from paying National Dues.
  3. Each Chapter shall submit the appropriate form along with the respective National Dues by the dates established by the National Council.

Section 2: Induction Fees

  1. The National Induction Fee for a Member shall be payable at the time of Induction. Each Collegiate Chapter shall pay all Induction Fees to Phi Sigma Pi, through the Collegiate Chapter Treasurer, by sending the fees to the National Office by a deadline determined by the National Council. Chapters may levy an additional Induction Fee in accordance with Collegiate Chapter needs.
  2. Each Chapter shall submit the appropriate forms along with the respective National Fees by the dates established by the National Council.

Section 3: Fiscal Year

Phi Sigma Pi's fiscal year shall begin July 1 and end the following June 30.

Section 4: Accounts

All cash funds of Phi Sigma Pi shall be deposited in the name of Phi Sigma Pi National Honor Fraternity in institutions which are insured. Checks, drafts and other items for collection, requiring endorsement, shall be endorsed in the name of Phi Sigma Pi National Honor Fraternity by the designated signers established by the National Council. All checks issued against any of Phi Sigma Pi's accounts shall be conveyed over the signatures of two (2) designated signers on the account.

Section 5: Investments

All bonds, securities and other investments acquired by Phi Sigma Pi shall be held in the name of Phi SigmaPiNationalHonorFraternity.AllsecuritiesacquiredbyPhiSigmaPishallbeheldfortheaccount of Phi Sigma Pi National Honor Fraternity in an institution which shall be a Member of the Federal Reserve System or insured by the Securities Investor Protection Corporation. All Phi Sigma Pi investment transactions, when authorized by the National Council, shall be conveyed over the signatures of two (2) designated signers on the account.

Section 6: Annual Review (Audit)

The National Council shall retain annually an independent Certified Public Accountant to review the books and accounts of the National Office and Phi Sigma Pi.

Section 7: Annual Presentation of Proposed Budget

The Vice President of Finance is to submit the proposed budget seven (7) days after approval by the National Council to each of the individual Chapters.


Note: The National Constitution provided on the Phi Sigma Pi wiki is for informational purposes only, and may not accurately represent the current National Constitution in effect when this page is viewed. The official version of the National Constitution is maintained by Phi Sigma Pi on the National Website.
National Constitution
Article I · Article II · Article III · Article IV · Article V · Article VI · Article VII · Article VIII · Article IX · Article X · Article XI · Article XII · Article XIII · Article XIV · Article XV · Article XVI · Article XVII · Article XVIII · Article XIX · Article XX · Article XXI · Article XXII · Article XXIII · Article XXIV · Article XXV
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