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:

Year Ended	Contributors	Total Gifts
July 31, 1966	962	$13,145
July 31, 1967	995	13,735
July 31, 1968	1,274	17,507
July 31, 1969	1,357	21,845
July 31, 1970	1,952	28,174
July 31, 1971	1,667	27,199
July 31, 1972	1,616	28,070
July 31, 1973	1,721	29,565
July 31, 1974	2,156	44,484
July 31, 1975	6,651	79,534
July 31, 1976	8,623	159,806
July 31, 1977	9,381	182,780
July 31, 1978	13,601	260,502
July 31, 1979	10,927	247,693
July 31, 1980	12,335	273,934
July 31, 1981	13,249	295,269
July 31, 1982	13,608	356,947
July 31, 1983	15,408	405,286
July 31, 1984	16,378	469,091
July 31, 1985	16,804	547,984
July 31, 1986	18,302	573,614
July 31, 1987	19,695	582,648
July 31, 1988	17,270	532,016
July 31, 1989	18,890	630,637
July 31, 1990	19,062	657,428
July 31, 1991	18,707	676,201
July 31, 1992	17,810	658,100
July 31, 1993	16,050	642,385
July 31, 1994	16,697	648,746
July 31, 1995	16,526	651,785
July 31, 1996	17,406	671,163
July 31, 1997	17,216	658,532
July 31, 1998	17,230	683,946
July 31, 1999	17,353	720,663
July 31, 2000	17,234	734,206
July 31, 2001	15,830	732,383
July 31, 2002	14,456	700,953
July 31, 2003	14,497	738,112
July 31, 2004	14,280	747,161
July 31, 2005	13,920	770,298
July 31, 2006	12,909	800,655
July 31, 2007	13,670	811,662
July 31, 2008	12,980	936,305