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We have something along the lines of BetaGuy has. Our IFC doesn't allow us to use chapter funds for social events. What we do is collect a social fee at the beginning of the semester (usually around $150-$200) which covers exchanges, Barndance (in the fall), formal (in the spring), and our semesterly after-hours parties. This money is kept in a personal bank account (we use Chase) in the name of our External Vice President. This is how most houses on our campus do things. Yes, there's always the possibility of fraud, because it's in the name of one member of the chapter, but taking that risk is far better than getting put on probation by IFC.
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Psi Upsilon Fraternity
Omicron Chapter
University of Illinois Urbana-Champaign
IT'S NOT JUST OUR SPECIALΨΥ.
IT'S A WAY OF LIFE.
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