Where Iota Phi Theta Started
Iota Phi Theta is a national fraternity organization with hundreds of chapters on college campuses across the country. When it came to chapter finances, the national level took a hands-off approach.
Each chapter figured out its own dues collection and expenses. In some cases, chapter treasurers used Cash App or Venmo to collect dues and for events. The chapter funds would live in that individual’s bank account, intermingling with that person’s personal finances.
The Iota Phi Theta Collection Setup was Problematic for a Few Reasons:
- Chapter funds might get confused with personal funds, and result in a loss of funds or worse, fraud.
- The national level had no ability to drill down into their regions’ or chapters’ financial situation.
- Reimbursements were time-consuming and annoying.
On the spectrum of Greek life organizations in terms of the amount of dues collected per member, Iota Phi Theta falls on the lower end. They did not want to spend thousands of dollars, paying per chapter or member for the heavy-duty chapter management software solutions that are on the market.
Iota Phi Theta was on the lookout for a partner to help their chapters with banking, dues collection, and chapter spending without needing to deal with a brick-and-mortar bank or paying an arm and leg.
How Crowded Helped Iota Phi Theta Manage their Fraternity Finances
Once Iota Phi Theta entered into a partnership with Crowded, they began to unify their chapters. Each chapter created its own Crowded account, and the national level had insight into its finances. This clarity has given Iota Phi Theta the ability to develop financial strategies from the local to the National level.
Simplified Dues Collection with Online Payments
Iota Phi Theta chapter treasurers use Crowded’s online payment collection feature to easily collect dues from their members. Chapter treasurers track who has and hasn’t paid, and send reminders from the Crowded platform. When Iota Phi Theta chapters host events or fundraisers, treasurers collect funds for supplies or accept donations through Crowded.
Before Crowded, we were unable to drill down into the financials for our regions/chapters. Crowded allowed our chapters to connect to the National office which enhanced our business strategy, and saved us time and money.
Streamlined Spending with Digital Debit Cards
After Iota Phi Theta chapter treasurers collect for dues or other events, they use Crowded’s Visa digital debit cards to spend that money. No one needs to use any of their personal funds for chapter purchases. Treasurers issue digital debit cards on demand for their members to make purchases on behalf of the chapter. Treasurers receive a digital receipt for all goods bought, and best of all, there is no need for them to do any reimbursements!
Raised Extra with Crowded Rewards
Some of the Iota Phi Theta chapters choose to leverage Crowded’s rewards program where the chapter earns cashback on consumer purchases. This program allows for chapters to easily supplement their budget with merchant-funded cashback donations. It’s also great for college students on a budget, as each reward is split 50/50 between the chapter and the buyer.
Iota Phi Theta saves $10,000 and 40 hours a year
since switching to Crowded
saved in reporting
