Difference between revisions of "National Constitution Article XVI"

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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 Summary:''' Article XVI of the National Constitution defines the Chapter's fiscal year and provides banking, investment, and accounting guidelines.''
 
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== ARTICLE XVI: NATIONAL FINANCES ==
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== ARTICLE XVI: CHAPTER FINANCES ==
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=== Section 1: Dues ===
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=== Section 1: Fiscal Year and Budget ===
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<ol style="list-style-type:upper-alpha">
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Each Chapter shall adopt the same fiscal year as Phi Sigma Pi. The financial policies of the Chapters shall be governed by a budget adopted at the beginning of each fiscal year.
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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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=== Section 2: Induction Fees ===
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=== Section 2: Charter Fees ===
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<ol style="list-style-type:upper-alpha">
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Each Chapter shall pay a Charter Fee, set by the National Council, before receiving the Chapter's Charter.
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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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=== Section 3: Fiscal Year ===
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=== Section 3: Dues ===
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Phi Sigma Pi's fiscal year shall begin July 1 and end the following June 30.
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Each Chapter shall determine the Chapter's own Dues and the date for collection.
  
 
=== Section 4: Accounts ===
 
=== Section 4: Accounts ===
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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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All cash funds of Chapter's shall be deposited in the name of the Chapter in institutions which are insured. Checks, drafts, and other items for collection, requiring endorsement, shall be endorsed in the name of the Chapter by the designated signers established by the Executive Board. All checks issued against any of the Chapter's accounts shall be conveyed over the signatures of two (2) designated signers on the account.
  
 
=== Section 5: Investments ===
 
=== Section 5: Investments ===
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All bonds, securities and other investments acquired by Phi Sigma Pi shall be held in the name of Phi Sigma Pi National Honor Fraternity. All securities acquired by Phi Sigma Pi shall be held for the account 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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All bonds, securities and other investments acquired by the Chapter shall be held in the name of the Chapter. All securities acquired by the Chapter shall be held for the account of the Chapter in an institution which shall be a member of the Federal Reserve System or insured by the Securities Investor Protection Corporation. All investment transactions, when authorized by the Executive Board, shall be conveyed over the signatures of two (2) designated signers on the account.
  
 
=== Section 6: Annual Review (Audit) ===
 
=== Section 6: Annual Review (Audit) ===
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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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The Executive Board of each Chapter shall arrange for an annual review of the accounts of the Treasurer and shall send a copy of such review to the National Office.
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=== Section 7: Annual Presentation of Proposed Budget ===
 
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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]]

Latest revision as of 19:40, 17 September 2017


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

ARTICLE XVI: CHAPTER FINANCES

Section 1: Fiscal Year and Budget

Each Chapter shall adopt the same fiscal year as Phi Sigma Pi. The financial policies of the Chapters shall be governed by a budget adopted at the beginning of each fiscal year.

Section 2: Charter Fees

Each Chapter shall pay a Charter Fee, set by the National Council, before receiving the Chapter's Charter.

Section 3: Dues

Each Chapter shall determine the Chapter's own Dues and the date for collection.

Section 4: Accounts

All cash funds of Chapter's shall be deposited in the name of the Chapter in institutions which are insured. Checks, drafts, and other items for collection, requiring endorsement, shall be endorsed in the name of the Chapter by the designated signers established by the Executive Board. All checks issued against any of the Chapter'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 the Chapter shall be held in the name of the Chapter. All securities acquired by the Chapter shall be held for the account of the Chapter in an institution which shall be a member of the Federal Reserve System or insured by the Securities Investor Protection Corporation. All investment transactions, when authorized by the Executive Board, shall be conveyed over the signatures of two (2) designated signers on the account.

Section 6: Annual Review (Audit)

The Executive Board of each Chapter shall arrange for an annual review of the accounts of the Treasurer and shall send a copy of such review to the National Office.


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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