Phi Kappa Psi Fraternity FY2022 filing

Not tax-deductible

Lubbock, TX501(c)(7)EIN 75-6037541

The Texas Chapter of Phi Beta Kappa celebrates academic achievement, intellectual integrity, and scholarly excellence. Early in each spring semester, eligible junior and senior undergraduates are considered for election to the society. An invitation to membership is a high honor to be treasured throughout one's life.

100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(7)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 4
filings with a surplus
Average surplus $7K a year · 2% of revenue · last 4 filings
Fine: a surplus in 3 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.7 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 11 voting members
Concern: none of 11 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$464K
+101% vs prior year
Spent
$461K
To programs
100%
Net assets
$27K
By yearFY2021–FY2024
Revenue
$464K
FY2022▲ +101%
Revenue by fiscal year
FY2021$231K
FY2022$464K
FY2023$296K
FY2024$312K
Expenses
$461K
FY2022▲ +102%
Expenses by fiscal year
FY2021$228K
FY2022$461K
FY2023$300K
FY2024$286K
Net assets
$27K
FY2022▲ +14%
Net assets by fiscal year
FY2021$24K
FY2022$27K
FY2023$23K
FY2024$49K

From the FY2022 Form 990 (year ending August 2022) · see the original

You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1941.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $461K

Form 990 Part IX, line 25. Every line is in By the numbers.

Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice Preside
$0Pt VII · Sec A
$0Pt VII · Sec A
See Phi Kappa Psi Fraternity executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Honors outstanding undergraduates for academic achievement and intellectual integrity.

Provided by the organization

This section is blank until Phi Kappa Psi Fraternity claims this page.

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1 program service, described in the organization's own filed words · FY2021.
01

Provided social programs for the local social fraternity members - total of 148 members for the year.

Pt IX · col B

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By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$464K
Ln 12
Fees for servicesLn 2g$464K
Money outPt IX
$461K
Ln 25
Programscol B$461K
Owns and owesPt X
$27K
net assets · Ln 32
Cash and savingsLn 1–2$27K
Total assetsLn 16$27K
LiabilitiesLn 26$0
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a11
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$464K
Total revenueLn 12$464K
Assets in detailPt X, end of year
CashLn 1$27K
Cash and savings togetherLn 1–2$27K
Total assetsLn 16$27K
LiabilitiesLn 26$0
Net assetsLn 32$27K
OperationsPt I, VI
EmployeesI 50
VolunteersI 613
Fiscal year endsHeaderAugust
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$24K$27K
Total assetsLn 16$24K$27K
LiabilitiesLn 26$0$0
Net assetsLn 32$24K$27K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$12K$12K
OccupancyLn 16$29K$29K
Other expenses (24a–d)Ln 24$341K$341K
All other expensesLn 24e$79K$79K
Total functional expensesLn 25$461K$461K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $312K$286K$26K$49K 990 PDF
FY2023 $296K$300K−$4K$23K 990 PDF
FY2022 Viewing $464K$461K$3K$27K 990 PDF
FY2021 $231K$228K$3K$24K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (4 parts)
Part VIII · Statement of revenue $463,921 across 2 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $463,921$463,921
VIII-12 Total revenueRelated to mission $463,921$463,921
Part IX · Statement of functional expenses $460,599 across 4 lines filed
IX-11c Accounting feesPrograms $11,986$11,986
IX-16 OccupancyPrograms $28,800$28,800
IX-24 Other expenses (24a–d)Programs $340,813$340,813
IX-24e All other expensesPrograms $79,000$79,000
IX-25 Total functional expensesPrograms $460,599 · Management $0 · Fundraising $0$460,599
Part X · Balance sheet $27,002 assets, 5 lines filed
X-1 Cash, non-interest-bearingStart of year $23,680$27,002
X-16 Total assetsStart of year $23,680$27,002
X-26 Total liabilitiesStart of year $0$0
X-32 Total net assets or fund balancesStart of year $23,680$27,002
X-33 Total liabilities and net assetsStart of year $23,680$27,002
Part XI · Reconciliation of net assets $27,002 net assets at year end
XI-1 Total revenue$463,921
XI-2 Total expenses$460,599
XI-3 Revenue less expenses$3,322
XI-4 Net assets at start of year$23,680
XI-10 Net assets at end of year$27,002

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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