The first Latin fraternity founded in the US improves business operations, benefits members
Lambda Theta Phi Fraternity is investing in its brotherhood and eliminating the extra admin work that puts a strain on their finite staff resources. The first Latin fraternity to be recognized by the North American Interfraternity Conference (NIC) is using OmegaFi’s affordable billing and payments software to improve operational efficiency. The mid-sized membership organization has also hired OmegaFi to manage its IRS Form 990 filings to ensure that its collegiate and alumni chapters get the 501(c)3 nonprofit federal tax benefit.
“LegFi gives our organization a way to collect our national dues safely and securely. With OmegaFi also managing our bookkeeping, IRS Form 990, and group returns, we’ll be able to decrease extra admin work that puts a strain on our finite resources,” said Dr. Andrew Ramjit, Lambda Theta Phi Fraternity’s executive director.
“We’ll have more time at the national and local level to focus on our mission to empower the Latin male through scholarship, brotherhood, opportunity and protection of identity and equality.”
Lambda Theta Phi was founded in 1975 on the campus of Kean College in Union, New Jersey. At that time, there were no Latino fraternities in existence in the US. The fraternity’s founders realized there was a need to unite the Latino students, develop their leadership skills, impart upon them the value of an education, and instill in them a commitment to their community and culture.
“Our team would rather the Lambda Theta Phi national staff support their members than spend time managing finances,” said Noah Borenstein, Togetherwork’s Higher Education Product Group leader. “We want Lambda Theta Phi’s leadership and their members to have the time to do what they do best: perform community service, promote their culture, participate in educational workshops, and enjoy their social programs.”
Lambda Theta Phi worked with OmegaFi to deploy a unique set of tools to tackle challenges that many mid-sized membership organizations face, including:
- Maintaining tax exempt status: Instead of spending time focused on IRS forms and deadlines, OmegaFi’s professional services team will complete the Form 990 and Schedule R annually.
- Ensuring accurate bookkeeping: OmegaFi’s account team will manage national accounts, payables, payroll, and monthly financial statements. Doing so also ensures Lambda Theta Phi will have correct tax filings.
- Easily collecting national and chapter dues: Lambda Theta Phi is using OmegaFi’s billing and payments solution to keep track of finances. The national headquarters can easily bill chapters for national dues. Chapters can quickly and easily invoice their members for dues and fees.
- Saving money, preventing fraud, and streamlining chapter operations: Lambda Theta Phi members get access to OmegaFi’s bank less experience with unlimited financial accounts and synced debit cards that can be used in-app, in-store and online. Chapters also get access to budgeting tools, one-click financial reports, simple fundraising with cashless, secure one-time and recurring donations, and an uncomplicated way to create and share donation campaign websites and track campaign progress 24/7.
OmegaFi has partnerships with nearly 60 inter/national member-based organizations; and the company’s products are used at more than 650 campuses across the country. From 1992 to present, the company’s software has helped its clients collect $6.5 Billion+ in dues, rent and fees; and helped clients collect $477 Million+ payments from July 2022-23.
To learn more about this special combination of accounting, tax, dues, and banking tools, schedule a demo with our team.