Chapter finance terms,
explained simply

Money a member owes that is past its due date; being 'in arrears' means behind on payments.

The recurring fees each member pays to belong to a fraternity or sorority chapter, covering the chapter's operating costs.

A member account that is significantly overdue on payment.

A reduced dues amount for members who pay before an early deadline.

A charge that helps cover the costs of operating and maintaining a chapter house, sometimes billed to all members.

A single scheduled payment within a larger payment plan.

An additional charge applied when dues are not paid by the deadline.

The per-member fee a chapter owes to its national or international headquarters.

One-time fees charged to new members for initiation, badges, and onboarding, on top of regular dues.

An arrangement that lets a member pay dues in several smaller installments instead of one lump sum.

A portion of dues (or a separate charge) that funds a chapter's social events and programming.

A US bank-to-bank electronic transfer network, used for low-cost direct payments from a member's checking account.

A failed or reversed ACH payment, commonly due to insufficient funds or a closed account.

A financing option that lets a payer split a purchase into installments, often interest-free, paid to the provider.

A forced reversal of a card payment initiated by the cardholder's bank, usually after a dispute.

A cardholder's formal challenge to a charge, which can lead to a chargeback.

The charge a payment processor takes to handle a transaction, often a percentage plus a fixed amount.

A company that handles electronic payments between a payer and the recipient's bank account.

Adherence to the security standards that protect cardholder data during payment handling.

Returning a payment to the member who made it, in full or in part.

The transfer of collected funds into the chapter's bank account after payments are processed.

Money the chapter owes to others — vendors, the national organization, or members awaiting reimbursement.

Money owed to the chapter that has not yet been collected — primarily unpaid dues.

Money a chapter keeps on hand to absorb unpaid dues, emergencies, or slow terms.

The share of billed dues that a chapter has actually collected.

A documented request for reimbursement that itemizes a purchase and attaches a receipt.

The 12-month period a chapter uses for budgeting and financial reporting.

The complete record of a chapter's financial transactions — money in and money out.

A single entry for a specific income source or expense in a budget or ledger.

A chapter's plan of expected income and expenses for a term or year.

The amount a member still owes after any payments made so far.

Repaying a member for an approved expense they paid out of pocket on the chapter's behalf.

The US tax-exempt classification for social and recreational clubs, which many fraternities and sororities fall under.

The officer responsible for a chapter's finances — collecting dues, paying bills, and keeping records.

A review of a chapter's financial records to verify they're accurate and complete.

The handoff of a role and its records from an outgoing officer to the incoming one.

The funds a chapter sets aside for charitable events and donations to its philanthropic causes.

The money allocated to recruiting new members — events, materials, and registration costs.

The finance officer title used by many sororities and some councils, equivalent to a treasurer.