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Changing Demands
Fraternity and sorority leadership today is forced to cope with an array of complex challenges not typically experienced by their predecessors. Today's rapidly changing cultural and economic landscape requires a local chapter management capability resembling that of many for-profit corporations.
The financial responsibility of the chapter in terms of gross dollar volume is usually substantial. Opportunity for financial risk is great. The potential of the chapter to incur operational debt as well as debt on behalf of its membership, coupled with the problems of collections, creates financial exposure that demands a dedicated management effort.
Increased Need for Experienced Management
Most companies with comparable financial risk utilize state-of-the-art computerization, full-time internal personnel, and the support of outside advisors. Greek organizations, however, traditionally rely on a revolving chapter/advisor leadership that is committed to financial management on a part-time basis.
Additionally, they often engage accounting support that lacks a clear understanding of the total needs of the small, not-for-profit social organization.
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