The Delta Chi Fraternity

“Membership consists of males registered in any college or university, with a chapter of the fraternity. Alumni members members of the fraternity who are not active members of an undergraduate chapter and are bona fide residents of localities in which an alumni chapter is located.”

“Form 990 is prepared by an independent accounting firm. Management reviews a draft of the audit prior to sharing with the audit committee of the fraternity. The audit committee reviews and makes recommendations to the board of regents for approval. The board of regents receives it for review and subsequent approval. Once approved by the board of regents, staff will work with the third party accounting firm to file the return.”

“Every board member and every management staff employee signs a conflict of interest statement at a minimum of once a year. Also, when a new board member or management staff person is added, that person signs a conflict of interest statement.”

“The primary source of comparative compensation data comes from the annual association compensation and benefits study from the american society of association executives and the center for association leadership. The members of the fraternity's executive committee also consult with their own experience within their respective organizations and related industries. The executive committee then deliberates and votes on compensation to be paid to the executive director.”

“The organization's governing documents, policies, financial statements and 990/990-t/state income tax returns are made available to the person who requests them as long as the request for copies is a valid and reasonable request. Any request that appears to be, or is, hostile in nature is delayed until organization management and/or officers have consulted with legal counsel to determine the action to take.”

“Statement to report the deferral of gain on the sale of property used in the performance of an exempt function by an organization described in irc sec. 501(c)(7): real estate used in the exempt function of the organization as a headquarters building was sold in august 2020 for 327,230. After deducting cost basis of 26,209, the resulting gain of 301,021 is deferred from taxation pending reinvestment of proceeds. Pursuant to irc sec. 512(a)(3)(d), within one year prior to the sale, a new headquarters building was acquired in august 2019, with subsequent rennovations to improve the property made throughout the current fiscal year. The cost of the replacement property and rennovations exceeds the sales price of the previous building. Thus, no gain is recognized on the sale.”

“The audit committee assumes responsibility for the oversight of the audit. The process has not changed from the prior year.”