Alert
(U.S.) Thanksgiving Holiday Closing
The Fraternity, Theta Foundation, and Fraternity Housing Corporation offices will be closed Wednesday, Nov. 27, through Friday, Nov. 29, in recognition of the (U.S.) Thanksgiving Day holiday.
Facility Corporation Services
As you know, keeping a board in compliance with IRS regulations is hard work! Not only does the treasurer have to pay bills, collect rent and facility fees from the chapter, keep up with monthly financial statements and depreciating fixed assets, she also needs to make sure property tax returns, 990 tax returns, and state required reports are completed. We recognized a need for helping corporations keep up with all federal, state and financial requirements that come with being recognized as a 501c7 exempt organization with the IRS.
What Can FCS Do for You?
You may have received an email from MJ Insurance that included new compulsory controls they are recommending. In that email, they mention that FCS is an acceptable third-party accounting firm. Our goal is and always has been to keep both our dedicated volunteers and the Fraternity safe from fraud or the appearance of fraud.
- Bill pay and budget assistance,
- Invoice, collect, and deposit fees from the chapter,
- Prepare federal, state, and local tax returns,
- Provide bookkeeping services and monthly financial statements,
- Depreciate fixed assets each month,
- Prepare property tax returns, if applicable.
Contact Us
According to the Facility Corporation Board Handbook:
“The facility corporation is responsible for providing Theta headquarters with a compilation audit annually if the corporation’s gross revenue is greater than $50,000 USD or biannually if it is less than $50,000 USD. A compilation audit should cost the corporation between $1,000 USD and $5,000 USD"
BUT…if the facility corporation is a participant of FCS, costly audits will no longer be required. The FCS department is audited each year with no extra cost to the corporation.