Finance Advisor Accreditation, page 3
OmegaFi Overview & Billing/Collection Best Practices
Pi Kappa Alpha has, for over a decade, partnered with OmegaFi for chapter billing and collection needs. This has dramatically improved chapter collections at the local level. In addition to the bottom line, OmegaFi has streamlined initiation reporting to the International Fraternity, alumni record management, and overall chapter operations.
As a finance advisor, you do not need to be an expert in OmegaFi but you should be aware of what it is, its capabilities, and how to ensure the chapter you advise is utilizing it to its fullest.
OmegaFi’s chapter management platform is called Vault. A brief overview of the Vault platform is available at this link. Through Vault the chapter can do the following:
- Bill chapter dues
- Report new-members and initiates to the International Fraternity
- E-mail all chapter members
- Pay bills to vendors
- Manage housing contracts
- Upload their budget for active managing and tracking
- File taxes
As a finance advisor, the chapter can grant you view only access to the Vault platform where you are able to look at the overall financial health of the chapter you are advising. While this might seem intrusive, it is really to help the chapter stay on track financially.
Another great resource that OmegaFi provides is a dedicated chapter service representative (CSR) that the chapter officers can reach out to directly if they have any issues with OmegaFi or the Vault platform. These CSR’s are an invaluable resource to any new treasurer or officer who has questions. As the finance advisor, it would be helpful to know the name and contact for the OmegaFi CSR assigned to the chapter you advise. Again, in order to access this resource you will need to create a myPIKE account.
Billing & Collection Best Practices
Even Pi Kappa Alpha’s highest performing chapters will eventually have struggles with members not paying their dues in a timely manner. Below are some strategies that will help increase collection at the chapter you advise:
- Have a plan in place: Chapters should have a written plan that clearly delineates what happens when a member becomes financially delinquent. This plan should be voted upon or approved by the majority of the chapter so that everyone is in agreement with the sanctions. The chapter cannot just lean on the chapter treasurer to try to collect the outstanding money.
- Budget transparency: Undoubtedly, there are men in the chapter that have suspicions about where their money is going or whether or not the chapter is getting the value out of their dues. A majority of this suspicion can be taken away by involving the chapter in the budgeting process and showing them what the final budget will be.
- Peer pressure: Perhaps one of the most effective ways of collecting outstanding balances is by highlighting to the entire chapter the men in the group that have not paid their dues. While there might be pushback on this idea – it is the role of an advisor to remind them that this is a membership driven organization that requires all members to pull their weight for it to succeed. Men who are not paying their dues are clearly not pulling their weight.
- Enforce bylaws: many chapters have bylaws about financial delinquency but fail to enforce them on a regular basis. By allowing members who are not meeting basic requirements to slip by the chapter is setting themselves up to let bigger issues slide by as well.
- Alumni status: At the 2018 International Convention, the Pi Kappa Alpha undergraduate delegates passed a resolution stating that they did not want members who owed balances to become an alumnus member in good standing. By leveraging this fact, the chapter can collect balances from graduating seniors that in the past went uncollected.
As a last resort, a chapter, through OmegaFi, has the ability to send a delinquent member to a collection agency to collect on money that is in charge off status. In order to do this, a chapter must have the individual’s social security number on file. As an advisor, you can see if there are any members that have not completed this step of registration through Vault.