Omega Financial
 

My FA forwarded me an email she got about an announcement that Alpha Gamma Delta has contracted with Omega Financial starting with the 2008-2009 school year.

I know that GTau researched OF a few years ago and decided we couldn't afford it.

Wonder if the chapters will get a discounted rate since it will be mandatory.

I actually have tons of questions on this. HOpefully we'll start getting more info soon.

My chapter currently uses that, and as far as I know it's working out very well for us.

According to the memo I got this weekend, yes, Alpha Gam has negotiated a discounted rate for all chapters.

fwiw
 

Many of the CAs have been discussing the announcement about Omega. Personally, I am disheartened by the mandate since our Chapter has $0 A/R, we don't own the house and we are very small. Among CAs and FAs on the Yahoo Group we started after VLC, I'm guessing that opinion is running 90% against it, 10% positive or neutral.

Having been on the Finance Committee in the past, I think this is a good idea overall. Over my 20 years as an advisor and on VST, I have seen almost every chapter I've worked with end up in some sort of finance hell. I also tried to get one chapter set up to accept credit/debit cards and it was so much work and so expensive that we nixed it. OF makes that an option for everybody. I do remember having to recreate the books for an entire year from checking account records, before online banking options existed, (and do the 990) for Alpha Beta before they ended up recolonizing and can honestly say that it's something I would never wish on anybody. Trying to figure out who has paid dues and who hasn't, if a VPF hasn't been vigilant is nearly impossible. It's much easier to figure out disbursements. I think people will feel more positive about it later. Especially since OF provides training for their system. That could help a lot with the VPFs who disappear without training their next officer.

My first knee jerk reaction was "ugh, what a nightmare" but I've put more thought into it since then and am feeling more positive about it.

As an aside, for the first time, the Canadian dollar and the US dollar have reached parity, so that makes things interesting for the Canadian chapters. When they were upset about having to pay everything in US dollars, I pointed out to them that this could work to their advantage some day and, some day may be sooner rather than later at this point. This is a huge financial boon for them.