Falling into debt happens for fraternities and sororities for a few reasons. Debt mainly occurs from the Treasurer and executive board not holding members accountable for dues and spending too freely on social events, recruitment gatherings, and formals.
So, you’ve been assigned the daunting task of finding out how to raise money for a fraternity before you get into the red and can’t participate in any events next semester. Let’s talk about a few ways to raise money and get out of debt for Greek organizations.
How to Raise Money for a Fraternity in Debt
Here’s how you can raise money as a chapter to avoid falling into debt and have the financial freedom to host events and participate in socials and other community activities.
1. Raise dues and collect on time
Insert your active members rolling their eyes here, but the quickest way to get out of debt as a chapter is to raise dues. Let’s say chapter dues at $500 per semester. If you raise them (temporarily) to $575 per member, with 75 members, that’s an additional $5,625 in the bank.
It may stress out actives, but extending the deadlines for dues is not an option when the chapter desperately needs cash. Payment plans work when money is in the bank, and you have wiggle room. Unfortunately, some members may be unable to pay dues on time, which you’ll have to deal with as a group.
2. Fundraise as much as possible
You’ve had the hard conversations with members about paying in full and a slight increase in semester dues. Now it’s time to fundraise til the cows come home so you can keep building on your funds to get back in the clear. Some of the most effective fundraisers your fraternity can put on include:
- Pie throwing contest at your members. Charge a flat fee per pie or per toss
- Date auctions, where you auction off your (willing) actives to go on a date
- Talent show, where other chapters compete for bragging rights
3. Scale back on socials and events
If the increase in dues and fundraising don’t bring in the money you need, it’s time to discuss scaling back on hosted events, socials with sororities, and your traditional formal.
While it’s understandable if your members are bummed, especially because some of these guys join a fraternity for all the social events, discuss cutting back on socials so you can still host a formal each semester. You could also cut the formal and keep the socials.
Include your entire chapter in these discussions, so every member feels like they are a part of the decision process.
Reach out to Other Fraternities and Sororities for Guidance
If you have friends in the other frats on campus (which you should!), reach out and ask for any advice they may have. It’s not out of the ordinary for Greek organizations to run into money trouble; you are essentially a part of a non-profit organization that doesn’t bring in much money besides collecting dues.
You may be surprised at what you learn that other chapters have done to get back in good standing. Also, consider reaching out to your local alum to see if they have any advice or suggestions on what you can cut back on and how you should move forward.
Plan Fundraising Events with GreekXperience
Fundraising events will raise a lot of money and can also be a great way to bring your members together and the members of other chapters. It creates a greater sense of community on the campus, entertains students, and can contribute to the greater (philanthropic) good. What can get better than that?
If you’re looking for help with planning your next fundraising event, sign up or connect your campus with GreekXperience, so you don’t have to do it alone!
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