Foundations of Excellence for Greek Letter Organizations

Start-up: organize properly

• Incorporate
• Obtain an EIN
• Apply for 501(c)(7) status
• Adopt bylaws
• Adopt financial controls

New fiscal year (or school year): operate properly

• Elect officers
• Adopt a budget
• Review/amend bylaws
• Review/amend financial controls
• Put federal and state filing due dates on your calendar
• Update the current Fiscal Year Profile in your RENOSI registration dashboard

End of fiscal year (or school year)

• Update your fiscal year profile in your RENOSI registration dashboard

• Update contact information with the College/University

• Transfer records/passwords to new officers:

• RENOSI account details

• Important documents: articles of incorporation, bylaws, minutes, etc. (RENOSI's cloud storage keeps your documents in one place, year after year)

• Financial/accounting information

• Conduct annual financial review

• Update signature cards for all bank accounts

Ongoing operational requirements

• File required reports (know your fiscal year dates):

• IRS 990-series return (based on fiscal year end)

• State corporate annual report (if applicable)

• Report to members regularly (budget, programs)

• Ensure all fundraisers support your tax-exempt, 501(c)(3) partner

• Maintain minutes of all board, committee, chapter, and other meetings