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Focus On: New IRS Requirements will Impact all Fraternities & Sororities |
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There is an old saying that "in this world nothing is certain but death and taxes." Well, the latter is "certain" to affect the Greek community. As a result of new IRS regulations, virtually every fraternity, sorority, house corporation and alumni/ae association is now required to file a version of Form 990 with the IRS every year.
Historically, fraternal organizations that are exempt from paying federal income tax have been required to file Form 990 with the IRS each year only if their annual gross receipts were more than $25,000. When Congress passed the Pension Protection Act in 2006, they made a change. Now, almost every tax-exempt organization is required to file a version of Form 990 with the IRS, regardless of the income they generate each year. The new laws apply to each fraternal organization's tax year that ends on or after January 1, 2008. Those fraternities, sororities and alumni tax-exempt organizations with annual gross receipts of $25,000 or less, now have to file Form 990-N. It's an electronic postcard requiring the answer to just a few simple questions. Undergraduate chapters might be exempt from filing this postcard if their Inter/National Headquarters files a group return for every single one of its chapters across the country. Check with your Headquarters to see if this may apply to your chapter. Those fraternities, sororities and alumni tax-exempt organizations that have income of more than $25,000 per year are required to file either Form 990-EZ, or the newly revised Form 990. The new Form 990 contains an 11-page core document and 16 additional schedules that Greek organizations may or may not have to complete depending on their activities. Recognizing that significant IRS changes were coming, last year Omega began changing the way charges are issued in the Chapter DeskTop for its undergraduate billing clients. New categories will help Greek organizations better classify expenses. By the end of this year, categories will be added to credits and income, and all chapter service clients will be able to produce a complete income statement. Reports in the Chapter DeskTop will make completing Form 990 easier. Omega has always provided its alumni service and capital campaign clients with information about alumni contributors so the house corporation or alumni association Form 990 could be completed. By the end of this year, Omega will simplify the reporting process. Omega will also provide reports and make it easier for alumni organizations to comply with the new fundraising reporting requirements imposed by the new Form 990. "Greek organizations that do not file their version of Form 990 could lose their tax-exempt status," explains attorney and Director of Alumni Services Fred Maglione. "We're doing our part to make complying with complex IRS regulations much easier for all of our fraternity, sorority, house corporation, alumni association and national headquarters partners." |
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Focus On: Delta Upsilon, Arizona State University |
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Brothers and friends of the Delta Upsilon chapter in Tempe, AZ |
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Using Omega's Contributions Form and their own fundamental marketing principles, the Delta Upsilon fraternity at Arizona State University is going to raise money for the Boys and Girls Club of Arizona.
Scheduled to take place this spring, the brothers of Delta Upsilon are busy preparing to spend 72-hours on a teeter totter in the center of campus. During the 72-hour "Teeter-a-Thon" the fraternity hopes to raise awareness about the Boys and Girls Club and the need to support after-school programs for children in Arizona. Students, faculty and staff will have the ability to make a contribution to the Boys and Girls Club as they pass by the giant teeter-totter. Sponsorships by local businesses, alumni, parents and friends will also help raise money. Supporters can contribute and support the effort through the Contributions Form Omega helped Delta Upsilon establish. To raise awareness of the event and the need to support the Boys and Girls Club, fraternity members are contacting local newspapers, placing advertisements and calling radio stations. Delta Upsilon will donate all funds raised directly to the Boys and Girls Club of Arizona. For more information or to support the event, visit www.teeter-a-thon.com. |
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Focus On: IT Career Opportunities with Omega |
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After 16 years in business, Omega continues to serve a record number of fraternity and sorority chapters, house corporations and national headquarters across the country. Continued growth is fueling the company's need for additional staff members, particularly in the Information Technology Department.
"Right now, we need at least one more Application Developer," says IT Director John Royer. "We want someone with a programming background who has experience in all phases of the software lifecycle from designing, coding, testing and documenting large-scale web applications." In addition to an information technology background, familiarity with Greek life and any of Omega's applications is a plus. Interested candidates can learn more and apply for this and other career opportunities by visiting www.omegafi.com/careers. |
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Focus On: Mike Jones, Graphic Artist "A glimpse into the life of one of Omega's Employees." |
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Ask Omega
"Frequently asked questions that you may be wondering about, too." Does Omega provide a guarantee? |
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Omega has a 100% satisfaction guarantee. We guarantee the privacy and security of your data. We guarantee daily transfers of collections. We guarantee that when a member or parent calls with a question about a bill, they will receive prompt, courteous service. We guarantee that YOU are our Number One Priority. Finally, we guarantee that we'll provide the best service in the industry. Unlike some other companies, Omega does not require your chapter to sign a contract; we don't think you need to obligate yourself that way. Why? Because a contract won't keep you happy - Omega's service will. And that's something we are happy to guarantee!
*** Do you have a specific question about Omega, our products or services? Send your questions titled, "Ask Omega" to Mandy Pierce, Director of Sales at mpierce@omegafi.com. If your question is selected to feature in the next issue, you'll receive an Omega gift pack. |
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| Find Your Name | ||
| The name of a chapter administrator has been hidden within the body of this newsletter. If your name is listed with the words "Call to Win," you have until April 15, 2008, to contact your Account Manager to say you've found your name. If you successfully find your name and contact your Account Manager before April 15, 2008, you'll receive an Omega gift pack valued at more than $100. | ||
| Nominate Your Chapter | ||
| Has your chapter done something noteworthy that deserves recognition? Have you developed an innovative program or project you want to share with the rest of the Omega family? Do you have the nicest chapter house on campus? Let us know so we can feature your chapter or your house in future editions. The person making the nomination will receive an Omega gift pack. To nominate your chapter, send an e-mail to Krystee Edwards, Account Management Coordinator, at kedwards@omegafi.com describing why your chapter or your house deserves recognition. Be sure to attach some pictures! | ||
| In this issue: |
| New IRS Requirements will Impact all Fraternities & Sororities |
| Delta Upsilon, Arizona State University |
| IT Career Opportunities with Omega |
| Mike Jones, Graphic Artist |
| Ask Omega |
| Quick Links: |
| Omega Financial Home Page |
| Alumni Services offered by Omega |
| Member Access Plus |
| Contact Omega |
| Omega Financial P.O. Box 2207 Columbus, GA 31902 |
| Phone (800) 276-6342 |
| Fax (706) 571-0043 |
| E-mail info@omegafi.com |
| We're on the Web! www.omegafi.com |
| Carrie Beyer Chapter Administrator Call to Win! |