HOW F.P.A. OPERATES
Who Can Join?
1. Annual Meeting - Total Membership. "Voting Delegates" from all chapters elect their Board of Directors and give direction.
2. Board of Directors - Provide interim governing. Cosists of:
How Does It Work?
Members are provided information regarding the contracts awarded through a merchant directory which is a list of approved vendors for quick reference and telephone numbers.
Monthly Statement of Purchases
Credit Policy as adopted by the Board of Directors of Fraternity Purchasing Association on August 2, 1970, effective October 1, 1970, amended October 6, 1971, February 3, 1982, September 13, 1983, July 23, 1986, December 9, 1987, and August 21, 1991. The new amendment is effective September 1, 1991.
1. According to Article X of the by-laws of F.P.A., each patron shall be required to make and maintain an advance deposit with the Association. The amount of this deposit shall be determined by the Board of Directors with the maximum deposit to be two times the average monthly billing of the highest three months from the previous year.
2. All bills are due upon receipt of the monthly statement from F.P.A. Billings paid in full by the designated due date will EARN interest for a 30 day period.
3. F.P.A. will extend credit, if absolutely necessary and by request of the patron, for a 60 day period or to a maximum of $4,000.00. Once these limits have been reached, the patron will be notified in writing by F.P.A., requesting payment within a stated period of time to once again bring its organization in compliance with our credit policy. Failure to meet these requirements may result in suspension of credit privileges which will only be reinstated upon receipt of all amounts due and a guarantee in a form satisfactory to F.P.A. from the orgaization's housing corporation guaranteeing timely payment of the amounts due on account of purchases made and services performed during the next 12 month period.
4. All accounts shall be CHARGED interest on their unpaid balance as of the 15th day of the month, and the last day of the month. Payments received by the designated due date will be credited as of the 15th day of the month.
5. Interest shall be earned at the rate of 6% per year and will be charged at the rae of 12% per year.
6. Interest earned or charged shall be included into the account quarterly: January, April, July, and October.
7. Each fall quarter and any time there is a change in the office of the treasurer, treasurers of all organizations will be required to return the attached form to the F.P.A. office, showing their understanding of the Board's Credit Policy.
8. Each treasurer who responds requesting further explanation of the policy shall be contacted by a Board member to have the policy explained, or the treasuer may contact the F.P.A. staff for an explanation of the policy.
F.P.A. examines and reviews organization financial records, prepares the monthly or quarterly financial reports and fiscal year-end statements, and mails copies to the designated people in the organization.
F.P.A. prepares all the required government forms - monthly, quarterly, annually.
F.P.A. advises and recommends proper procedures for recording transactions to simplify the record-keeping: Assists in budget preparation, Consults with the officers, alumni, and national representatives, and Provides additional information as requested. F.P.A. also sponsors and presents workshops for Chapter treasurers and Alumni representatives.
F.P.A. maintains a supply of forms needed for keeping the financial records.
The above services are billed at an hourly rate.
Alumni House Corporation Financial Service
Address Label Service