National Constitution Article XVI

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 XVI: NATIONAL FINANCES

Section 1: National 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: Alumni Chapter Dues

1. Alumni Chapters shall pay Alumni Chapter Dues to Phi Sigma Pi one (1) time per calendar year, through the Chapter Treasurer, by sending the Dues to the National Office by a deadline determined by the National Council.
2. Each Alumni Chapter shall submit the appropriate forms along with the respective Alumni Chapter Dues by the dates established by the National Council.

Section 4: Fiscal Year

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

Section 5: 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 6: Investments

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.

Section 7: 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 8: 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.