The most asked question in our travels around the country is "Where is BYX going next?" That is a great question with some exciting answers.
Over the last decade, BYX has more than doubled in number of members and number of chapters. Thank the Lord for sustaining us despite very small and limited resources. We honestly didn't know as we began to grow how intensive and costly it is to add and support new BYX chapters. The Board of Directors is not interested in bringing on new chapters that we as a national staff are not able to lead, teach, and guide well. There are three financial aspects that have now set BYX up for healthy growth in members and chapters for the next decade.
1) In the fall 2010, the Board of Directors made the move to a financial model where the current members are paying for 100% of the national operating budget. That allows for our alumni giving to be directed towards a new developing chapter, towards a special project, or even an emergency fund that has never existed for BYX. This move frees us up to support our local chapters financial needs in accepting designated chapter financial gifts from alumni and friends of BYX. These designated funds help by investing into a chapters pledge class in supporting their pledge application fees or possibly a reduction in the chapters national dues. The chapter wins with additional funds and the alumni wins with the tax deductible gift.
2) We reviewed our national expenses from chapters we started in 2005 and 2006 for their first five years of existence. The results of our research found that we invested an average of $30k to $35K over a four year period in each new chapter.
3) We designed Project 40 to meet the ongoing costs of expansion. Project 40 asks forty alumni and supporters to invest .40 cents a day or $12 a month into a specific new chapter for a four year period. Those forty supporters generated $23K in funds towards the support of the chapter. An additional $10K is sought in chapter sponsors with minimum gift being $1,000. Chapter sponsors are written into the founding documents of the chapter and receive direct communication from officers for a couple of years. In total, Project 40 generates $33K in support of the next BYX chapter.
We are currently working on Project 40 funding to establish BYX at Clemson and Yale in the fall 2012. Would you consider joining us!
Beta Upsilon Chi, Inc.