I think almost all national fraternities and sororities have a "best overall chapter of the year" type award. If you look at websites you can usually see this under awards and such.
But from what I've seen it's VERY subjective. It depends on what the other groups on your campus are like (i.e. if they all suck, it makes you look really good) and what the people (usually your national exec board) voting on the awards are looking at. Some years academics will be everything, some years it's more about numbers.
I agree with Heidi - as long as the chapter members are happy and thriving, an award should be something to be proud of, but you shouldn't feel inferior if you don't achieve it.
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