Alpha Kappa Psi Fraternity Inc

“Alpha kappa psi fraternity is a member-based organization. Each chapter (regional collection of members) is entitled to a vote for the annual election of board members. This is the only extent to which members participate in the organization's governance. Members have no rights to receive distributions of income or assets from the organization.”

“As discussed on schedule o, part vi, section a, line 6, each chapter of alpha kappa psi fraternity is entitled to 1 vote on the annual election of the board of directors. Each april, the chapters receive a ballot with the individuals running for board election.”

“The fraternity executive committee does meet during the year in executive session, but minutes are not taken.”

“The audit committee reviews and approves the form 990. Each board member is provided a copy and reviews the 990 prior to its filing, with questions being submitted to the coo and audit committee chair for response.”

“Alpha kappa psi fraternity's board members and members of management are required to disclose any potential or actual conflicts of interest. Disclosures are required not less than once annualy. Any current conflicts with topics on the board meeting agenda are discussed during that meeting. Any and al conflicts are addressed and resolved by the ceo and/or board member.”

“Alpha kappa psi fraternity's executive commitee reviews and approves the ceo's annual compensation and bonus plan. Not less than once every 5 years, the executive commitee performs a compensation study using external market data. All decisions and deliberation are documented and maintained in accordance with the fraternity's document retention policy. The ceo conducts an annual review of the executive dierctor & chief operating officer and determines any salary increases.”

“Alpha kappa psi fraternity makes its governing documents and financial statements available to interested parties upon written request.”

“Alpha kappa psi fraternity strives to develop a diverse global community of courageous, principled business leaders with the capability to drive positive impact throughout their lifelong journey. To further the welfare of its members and foster research in commerce, accounting, and finance, the fraternity cultivates principled leadership through collegiate chapter involvement worldwide, alumni participation in alumni groups, leadership development programming, events, activities, and the dissemination of relevant business and leadership information to the general public. The fraternity's programs focus on skill building, career development, ethical leadership, and entrepreneurship, providing members with opportunities to enhance their professional competencies and network with industry leaders. We are recognized as the premier developer of principled business leaders. Society values the leadership skills instilled in our members, making them highly sought after. Members view alpha kappa psi as a primary resource for personal and professional leadership development. As influential leaders, they contribute to the organization's ongoing success by supporting its educational programs. The objectives of alpha kappa psi, established at its founding, are: 1. To further the individual welfare of its members. 2. To foster scientific research in the fields of commerce, accounting, and finance. 3. To educate the public to appreciate and demand higher ideals in these fields. 4. To promote and advance, in institutions of higher learning, courses leading to degrees in business administration.”

“The fraternity entered into a deferred compensation plan for one of its executive employees during the year ended june 30, 2018. The liability is to be paid when the covered employee has a severance of employment or reached the earlier of the age of 70 or death. The increase in the liability each year is matched by a contribution to a designated investment account, which with estimated earnings and annual contributions will be used to pay the deferred compensation. The fraternity has agreed to contribute $20,000 per year beginning september 1, 2017 through september 1, 2026. The employee's balance will begin vesting in september 2022 if the vesting goals are met. The balance of the designated investment account and the deferred compensation liability was $126,047 and $117,739 at june 30, 2023 and 2022, respectively. The designated investment account is included within prepaid expenses and other assets in the consolidated statements of financial position.”

“The organization has an audit committee that is responsible for overseeing the audit and selecting an independent accountant. There has been no change in the oversight or selection process during the tax year.”