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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.
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
|
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