What are club treasuries used for?

Club treasuries are used to promote the engagement of MIT alumni in a specific club area. 

What other ways do clubs use their treasuries?

Aside from covering event costs, club treasuries can be used to subsidize club dues or event costs for a certain age group or audience, purchase gifts for faculty speakers visiting the area and meeting with the club, sponsor a local K–12 teacher to attend MIT STEM, purchase food for board meetings, etc.

What should clubs NOT do with their treasury?

Because treasuries are for the benefit of the area MIT community, and not for the Institute, they should not be used to make gifts to MIT unless the monies were solicited specifically for that purpose and the club is separately incorporated from MIT. Clubs can choose to sponsor philanthropy related to the MIT community’s mission in their area.

Club Dues Structures

Most MIT clubs collect dues annually. It is important to note that, because dues support the activities of the club and not the Institute, they are not tax-deductible. The amount of club dues is set by the club board, based on the needs of the treasury and the strategy to engage certain groups. Most MIT clubs use a rolling membership model and tier dues amounts based on graduation year. Clubs may also solicit higher levels of dues and should recognize alumni for this additional support of the club.

Methods of Dues Collection

• Checks payable to the club (e.g., “MIT Club of X”) can be mailed either to the Association or directly to the club treasurer, as the treasurer directs.
• The Hivebrite/Encompass platforms include a module for dues collection. The Association deducts a 2.8% credit card transaction fee from each transaction conducted through Encompass. The Hivebrite platform will use Stripe as a payment processor with the fee structure equivalent to the Cybersource fee structure of approximately 2.8%.