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Fraternities and sororities help young men and women become part of communities that share common interests and encourage them to perform services for other communities.
A lot of people wonder how much it costs to be a member of such organizations and how they make money to give back to other people.
Given below are some ways fraternities and sororities make money.
Fraternities And Sororities Money Making Sources
Every person who joins a fraternity or sorority has to pay membership fees. These fees include administrative fees, housing fees, and other fees.
In many cases, living in a sorority house can be cheaper than living in a regular dorm or campus housing. Chapter membership dues help cover operational expenses, upkeep of communal areas and also help subsidize costs for national and international chapters.
Some sororities and fraternities offer scholarships to potential members who demonstrate need. Schools might also offer modified payment plans to such students.
Alumni grants contribute money and other resources to fraternities and sororities to meet the needs of the organization.
Part of the alumni grants goes towards scholarships and chapter programming. They also help in funding social events and campaigns along with travel expenses. Some universities solicit Greek alumni and individual foundations to contribute to specific chapters.
- Kappa Delta Sorority offers multiple scholarships with undergraduate and graduate scholarships valued between $500 and $5000 each.
- Alpha Xi Delta offers about 40 scholarships ranging from $400 to $3600. This is made possible through alumni contributions.
Many sororities and fraternities take part in fundraising activities to raise money for community organizations and charities.
Every member is required to contribute since service is an essential principle of sororities and fraternities. Small chapters of greek organizations usually make use of crowdfunding to help pay for social events, outings, and other activities.
Given below are some ideas which are commonly used for sorority and fraternity fundraising.
- Matching gifts – Sororities and fraternities can get in contact with their alumni to find out if their employer offers a matching gift program.
- Selling merchandise – Selling branded T-shirts is a great way to raise money for charities and organizations. Sorority and fraternity members can work on designing their own T-shirts along with the tagline of the philanthropic campaign they are supporting. Along with T-shirts, hats, water bottles, keychains and other merchandise can be sold.
- Tutoring services – Members who are well versed in certain subjects can provide tutoring services to students in exchange for money.
- Car Wash – Car washes are popular fundraising ideas and are used by many fraternities and sororities to raise money for charities.
- Bake sale – Hosting a bake sale is a fun way to raise money. Members should buy or make the baked goods and seek the help of volunteers to host the sale.
- Peer-to-peer fundraising – Members of sororities and fraternities can reach out to family members or friends for donations. They can also set up individual donations pages that link back to the main fundraising page.
Pledge And Initiation Fees
All members of sororities and fraternities have to pay an initiation fee which can amount to a few hundred dollars.
This money goes towards administrative expenses and a portion goes towards the national governing association. The pledge fees are paid when a member is formally initiated into the sorority or fraternity. Both pledging and initiation fees are paid early on by the members.
Becoming a member of a sorority or fraternity will provide you with valuable experiences and help you develop your social skills. However, it is important to consider the financial aspects before joining such organizations.