"At Par" Initiation Fees
 

Hi everyone!

I'm sorry if this isn't the proper place to ask this, but I was curious about something.

Does your organization adjust their initiation fees for Canadian members so that the fees are "at par" with what US members are charged? With the exchange rate being what it is, it would seem that Canadian initiates might end up paying twice as much as their American counterparts.

I know that one of the sororities I'm interested in does this for their Canadian initiates, but I wondered about others.

Again, sorry if this question is improper!

Edited to correct terminology...

Might end up paying more in the # of Can$ vs USD but I think there's pretty good parity between the currency after travelling there last summer.

Canadian rate of exchange...
 

I dont know the answer to the original question, but the rate of exchange is 1.56 USD to one dollar Canadian. That's a pretty big difference.

Yeah, the exchange rate is beautiful if you're paying in US dollars, but really stinks if you're buying US goods with Canadian dollars.

As much as I love Phi Sig, sadly, we pay in US$. We are trying to get it at par, but there are only two Canadian chapters, so there's not many of us to rally it! Our Archon is hoping for next year....

Lynzi, without going too much into detail, do you think that the exchange rate keeps a lot of people from pursuing membership on your campus? Also, does Phi Sig let new members set up "payment plans" so that the exchange rate isn't a barrier?

I'm not certain how much my american counter-parts pay, but I'm pretty sure Canadian fees do take the conversion into account. However, we pay our fees in Canadian dollars, and they don't change every term... I think. I should know more soon - I'm becoming Treasurer of my Chapter.

Congratulations on the position, Kappaloo! I'd be interested to hear what you find out once you've stepped into the treasurer position.

Many of the NPC/NIC groups do charge a set exchange rate that is lower than the market rate (like 35%). Some also pair this with "at par" for the intitaion type fees as well.

However, there are several groups (NPC/NIC) who do charge US$, but at the chapter level, chapters convert this into Canadian so then you as a member pay Cdn$ for your fees.

(Addition: what few groups that are at par are probably going to move to a set exchange rate based on the sheer fact that the gap between the CDN$ vs the US$ is becoming wider, and they can't cover the loss any further).

Buyer beware: Because so many groups change year to year on their exchange policy, what might be par this year may be US next year. :)

When it comes down to it, choose a group that you feel the most comfortable with, as opposed to basing part of your decision on exchange rate. With lots of options for payment plans, don't limit yourself - this choice is for a lifetime!

Good luck!

Shala

~~~~~~~~~~~~~
Shala Berry
President, Canadian Interfraternal Assc.
canadiangreeks.com

Thanks for your reply, Shala! I'm not basing my decision solely on whether at par fees are offered. It's not really a consideration -- I was just curious about whether it was an across the board practice!

BTW - I met one of your AOII sisters last week, and she had wonderful things to say about you! ;)

Well, from what I've seen, everyone deals with this differently.
some at par, some US, some half and half, some fixed rate....
I'm pushing for fixed rate for Phi Sig...their biggest concern about this is that it might not cover costs, but hey, we're only 2 chapters out of 110! Also, for awhile they thought if we paid less it'd be unfair to U.S. sisters (that's when we had to explain to them the whole exchange rate and standard of living thing...)

Money was the main issue when I joined...I loved the women and the group but I was on student loans. I decided to go for it, and of course have never regretted it. :D

as for payment plan, i know we offer it for local dues, but International dues have to be in by Initiation(in order to get permission).