Bylaws: Article 12

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ARTICLE XII: DUES AND FINANCES

Section 1: Initiation Fee
Each initiate into membership shall pay to the Treasurer as a condition of initiation a fee in an amount determined by the Executive Board.

Section 2: Chapter Dues and Fees
Chapters may assess initiation fees and local dues in accordance with their bylaws.

Section 3: Contributions
The Executive Board may accept and invite contributions or memorial funds to support professional and scholarly projects including scholarships and research grants and shall act as trustee in carrying out donors’ wishes.

Section 4: Financial Review
A financial review of all accounts shall be made annually by an external auditor and a written report shall be submitted to the Executive Board upon completion of the financial review.

Section 5: Fiscal Year
The fiscal year of Beta Phi Mu shall be the calendar year.