Billing and Payments
Billing and PaymentsHow much is rent?Rent is paid to the landlord according to the contract rate each year. Discounts may be available for prepayment if the requirements of the prepayment time-line are met. Please contact the Landlord ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) or Exchequer ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) for additional details. Additionally, an annual security deposit is required of all residents each year and is due prior to move in. Security Deposit checks should be made to the order of the landlord, not the chapter. When is rent due?On the normal (non-prepayment) schedule, an invoice for the upcoming months rent will be sent on or around the 13th of each month. As the chapter's rent bill is due to the landlord on the first of each month, it is expected that individual residents submit payment no later than the 28th of the preceding month the rent shall be applied for. In order to be eligible for prepayment discounts, residents must indicate their desire to do so prior to July 15 and/or November 15 of each year. Residents should contact the chapter Exchequer and Chapter Landlord Prior to these dates. Additionally, as per the leasing agreement, to be eligible to receive prepayment discount, member must submit payment for a MINIMUM of 1 semesters rent, via cash or check ONLY, prior to August 1 and/or January 2. Prior to being permitted to move in, a residents first months rent and security deposit must be paid in full. How do I pay bills if I am receiving financial aid, grants, and/or student loans?Every individuals situation is often different when it comes to financial aid, grants, and/or student loans. As a result, it is nearly impossible for the chapter to effectively implement plans to deal with this ever changing and unique situation. In general, it is expected that most residents communicate early and often with the various lending institutions to insure how and when funds will be deposited into their accounts. Residents should be prepared to make an immediate payment for security deposit amounts and first months rent prior to move in date. They may also be required to pay an additional months rent prior to loan availability. Due to the necessity for the chapter to pay it's bills monthly and on-time, our payment due dates and rules remain in place regardless of loan disbursal date. How is rent determined?Rent is determined on an annual basis by the chapter Executive Board and Alumni Advisory Board. Great care is taken to keep rental costs competitive and manageable for our residents. Several factors are included when determining rental costs including but not limited to amounts due to Landlord, cost of utilities, operating expenses, and insurance rates. How can I see what my rent balance is?The chapters' billing and payment processing provider, Omega Financial Services, will mail invoices and statements to the resident’s permanent home address (not NIU campus address) monthly. It will be the resident’s responsibility to immediately notify the chapters' Exchequer of any changes to their permanent home address. Up to the minute information may also be obtained by logging into your individual Omega Financial Services account at www.omegafi.com In addition, the chapters executive board or their designee may send periodic emails and/or text messages to residents and members noting current and/or past due balances owed. Are there any other amounts due each year?Yes, all members are expected to pay dues each semester they remain an active. This amount, set annually by the chapter Executive Board and Alumni Advisory Board is collected in order to cover the chapters operating expenses. The bulk of dues is forwarded, on behalf of each member to the National Fraternity in order to cover annual insurance (approx $350 per member, per year), National Dues ($95 per member per year), Initiation ($395 per member), Educational Programming, and IFC Dues ($15 per member, paid to the University). In addition, any chapter fines, or chapter assessments may be charged as needed throughout the year. This amount will be invoiced on a members monthly Omega Financial Invoice. How much are “Dues” and when are they due?Dues amounts are finalized at the beginning of each year. In house, Out of House, and Candidate dues each are charged at a different rate. Please contact the chapters' Exchequer ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) for the most up to date information. Chapter Dues are due on September 1 and February 1 each year. What if I cannot pay those costs due on time?As with any late bill, late charges and interest may apply if timely payment is not made. Generally, it is expected that all bills be paid prior to the first of each month. Those members who do not pay on time risk the assessment of late fees, chapter suspension, or further sanction as provided either by the Chapter Bylaws or individuals Leasing Agreement. Is my payment being used to clear any back debt the chapter owes?No, we are proud to say that we have operated at a slight surplus for each of the last 5 fiscal years. That does not, however, mean we don’t have have continuing financial commitments! Managing a 45 man chapter and a 10,000 plus square foot facility is not an inexpensive proposition. We will strive to maintain a record of financial stability and need your help to do so! |