Tau Beta Pi Information Book
Finances

Since the operation of collegiate chapters of Tau Beta Pi is entirely under the control of the local groups (except as regards minimum qualifications for membership and the broad limitations imposed by Convention acts), no central records of chapter finances are kept. The chapters are required to pay the national Association $32 for each new member initiated and are assessed on a pro-rated basis for Convention costs. Beyond those two items, Tau Beta Pi chapters are financially independent and are permitted to charge total initiation fees as they choose. Initiation fees now range from $40 to $92 and are fixed by the chapters to cover a variety of local costs.

The 1947 Convention increased the national initiation fee from $14 to $16 per person to offset increased costs of headquarters operations (the previous change had been in 1934 when it was reduced from $15); since then it has been raised periodically to $21 in 1972, $23 in 1990,and $27 in 1994, and $32 in 2004. The Association provides each new initiate with an engraved badge, an engrossed membership certificate, informational literature, etc., and a four-year subscription to THE BENT for which $8.40 is allocated. The remaining $8.95 is used to pay a small portion of headquarters service, personnel, and supply expenses.

In addition to the initiation fees, Association income is derived from annual and life subscriptions to THE BENT, interest on investments, gifts, and a few other sources. The annual Alumni Giving Program is the major source of revenue.

The Association's fiscal year runs from August 1 to July 31, and a balance sheet and a receipts-expenditures statement are published in THE BENT each year, taken from an audit report by a certified public accountant.

The Fellowship Fund, to which transfers from surplus and donations and bequests are made from time to time by the Council, and to which transfers are made from the Life Subscription Fund on the death of life subscribers; the Life Subscription Fund, which is made up of payments by life subscribers to THE BENT; and the Greater Interest in Government, Convention, Engineering Futures, Program Development and Scholarship Funds are invested and are held for the Association by a corporate trustee under the direction of the Trust Advisory Committee. Other assets of the Association are managed by the Secretary-Treasurer.

The Student Loan Fund, to which is added one-half of all interest collected on student loan notes and contributions, is a "book-value" fund whose assets are held by the Secretary-Treasurer as loan notes.

Alumni Giving Program

The annual Alumni Giving Program began in modest fashion in 1963 and is managed by the Secretary-Treasurer. The assistance of a professional vendor has been used since 1974-75. The recent record of giving is as follows: