Sigma Alpha Iota Fraternity
- Assets
- $948.2k
- Revenue
- $974.9k
- Investments
- $357.5k
- Employees
- 6
- Location
- Asheville, NC
- Founding
- 12/1945
- Data as of
- 06/2023
- EIN
- 38-1543609
Organization Overview
Sigma Alpha Iota Fraternity is located in Asheville, NC. The organization was established in 1945. According to its NTEE Classification (B83) the organization is classified as: Student Sororities & Fraternities, under the broad grouping of Education and related organizations. As of 06/2023, Sigma Alpha Iota Fraternity employed 6 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Sigma Alpha Iota Fraternity is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 06/2023, Sigma Alpha Iota Fraternity generated $974.9k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $1.0m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE THE MUSICAL INTEREST OF THE ORGANIZATION'S MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIPS- SIGMA ALPHA IOTA INTERNATIONAL MUSIC FRATERNITY IS A MEMBERSHIP ORGANIZATION. AS SUCH IT PROVIDES SERVICES TO BOTH INDIVIDUAL MEMBERS AND TO CHAPTERS THAT HAVE BEEN FORMED BY THOSE MEMBERS. SERVICES INCLUDE PROCESSING OF NEW MEMBERS, ADMINISTRATION OF CHAPTER POLICIES, LEADERSHIP TRAINING, AND OPPORTUNITIES FOR VOLUNTEERISM. SUPPORT FOR STUDENTS IS GIVEN, THROUGH VARIOUS ALUMNAE CHAPTERS AND THE NATIONAL ALUMNAE ASSOCIATIONS.
EXTENSION- EXTENSION IS THE PROCESS BY WHICH NEW COLLEGIATE AND ALUMNAE CHAPTERS ARE CHARTERED. AN INTEREST GROUP FORMS AND REQUESTS APPROVAL TO BECOME A CHARTERED CHAPTER AFTER FOLLOWING THE PRESCRIBED REQUIREMENTS.
PAN PIPES- THE FRATERNITY HAS AN OFFICIAL JOURNAL CALLED PAN PIPES. THIS QUARTERLY MAGAZINE CARRIES ARTICLES PERTAINING TO THE FIELD OF MUSIC, REPORTS OF NEW DISTINGUISHED MEMBERS, THE ANNUAL COMPOSERS UPDATE FOR NEW MUSIC AND PERFORMANCES AND STORIES ABOUT THE SERVICE PROJECTS CARRIED OUT AT THE LOCAL AND NATIONAL LEVEL. PAN PIPES IS PUBLISHED BY OUR 501(C)(3), CHARITABLE ARM, WHICH RECEIVES SET-ASIDE FUNDS FROM FRATERNITY.
CONVENTION - THE SAI NATIONAL CONVENTION IS HELD TRIENNIALLY TO PROVIDE DELEGATES AND ATTENDEES A CHANCE TO ELECT NEW NATIONAL, REGIONAL, AND PROVINCE OFFICERS, TO PROVIDE LEADERSHIP TRAINING, AND TO GIVE WORKSHOPS IN MUSIC AND RELATED FIELDS. MUSIC CONCERTS ARE HELD, AND SCHOLARSHIPS AND GRANTS ARE AWARDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessica Chichester President | OfficerTrustee | 35 | $3,250 |
Jaielle Manning Nvp Collegiate Chapters | OfficerTrustee | 25 | $850 |
Mary Frances Bushong Nvp Alumnae Chapters | OfficerTrustee | 10 | $1,500 |
Christine Hall Nvp Fraternity Development | OfficerTrustee | 10 | $1,500 |
Jennifer Mistretta Nvp Extension | OfficerTrustee | 10 | $1,500 |
Rebecca Sepulveda Nvp Ritual & Fraternity Ed | OfficerTrustee | 15 | $850 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $100,873 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $100,873 |
| Total Program Service Revenue | $988,933 |
| Investment income | $20,130 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $13,232 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$24,224 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$143,277 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $974,858 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $40,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $93,543 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $195,055 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $56,055 |
| Payroll taxes | $19,237 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,244 |
| Fees for services: Accounting | $28,788 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,169 |
| Fees for services: Other | $61,981 |
| Advertising and promotion | $11,333 |
| Office expenses | $216,658 |
| Information technology | $2,289 |
| Royalties | $0 |
| Occupancy | $45,164 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $199,036 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,675 |
| Insurance | $34,186 |
| All other expenses | $0 |
| Total functional expenses | $1,013,793 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $60,260 |
| Savings and temporary cash investments | $174,028 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,167 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $495 |
| Inventories for sale or use | $243,833 |
| Prepaid expenses and deferred charges | $18,810 |
| Net Land, buildings, and equipment | $18,874 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $357,454 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $56,243 |
| Total assets | $948,164 |
| Accounts payable and accrued expenses | $12,738 |
| Grants payable | $0 |
| Deferred revenue | $24,768 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $90,025 |
| Total liabilities | $127,531 |
| Net assets without donor restrictions | $820,633 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $948,164 |