Cari Cook, Executive Director, Delta Delta Delta (Tri Delta)
- Consumerization of IT & The New C-Suite
The 16,000-member Tri Delta fraternal organization had been using manual bookkeeping styles of chapter financial management that were time-consuming, complex and often imprecise – for both chapter and headquarters leadership. Senior management led a project to automate and standardize accounting and financial management by introducing a cloud/SaaS-based accounting and payments technology system and completely changing internal processes associated with billings, payments, accounting and more. The project, which required no start-up funds, has driven dramatic measurable improvements in virtually all areas that define success for a non-profit: revenue, cash flow, collections, recruitment, fundraising and charitable donations.
- Tri Delta has increased its revenue by 49% since the launch of the project.
- Year over year, the organization has brought in $2.5 million in additional revenue - a 5.6% increase*.
- Since launching this project, Tri Delta has increased its cash by almost 140%.
- Tri Delta has experienced an aggregate $9 million in increased cash.
- Since the project began, Tri Delta has had an average collections percentage rate of over 98%.
- Before the project, the average amount of dues outstanding at a given time was 80%. Now, the amount of dues outstanding is 50% -- a 30% improvement.
- With more available cash, Tri Delta has been able to provide more financial support for its members and its mission. This increased member value helped make the organization more attractive and increased annual recruitment since the project began. Tri Delta’s annual recruitment growth over the last fiscal year was 3%.
- Year over year, Tri Delta collected 37% more in philanthropic fundraising income and contributed 83% more to its Foundation.*
- With increased revenue, Tri Delta has been able to redeploy more funds to chapters and charitable causes such as St. Jude Children’s Research Hospital. Since launching the initiative, Tri Delta has been able to redeploy 600% more funds toward such efforts.
* Year-over-year improvement metrics are actually under-represented by approximately 16%, as they do not include the two last months of the current fiscal year. The year-to-date figures are (conservatively) assumed to represent the full 12 months.
The project challenged the status quo entirely, by mandating that chapter leaders perform all accounting and financial activities online and allowing all individual members to manage their own payments. Leaders now have real-time visibility into financials for all areas and levels so that they are able to make informed financial decisions that ultimately cut costs, save time and increase revenue. The team’s biggest “aha” moment was when previously money-losing chapters began succeeding financially because they had oversight and control that they lacked previously.
Within just 12 months after launching this project, Tri Delta experienced net income of $1.4 million -- representing a $2.4 million, or 24 percent, improvement over the previous year when they had a $1 million loss. Also, since the project’s implementation, Tri Delta has enjoyed an additional $1 million in annual net gains -- after paying the technology provider’s service fees. In an environment where many Greek organizations face financial challenges and declining membership levels, Tri Delta’s revenue, profitability and membership numbers have achieved all-time highs since the launch of this project.
ABOUT Delta Delta Delta (Tri Delta)
Founded in 1888, Tri Delta is a leader among social Greek organizations through its passion for progress and visionary thinking. Through partnerships with nationally recognized organizations like St. Jude Children’s Research Hospital, award-winning publications like The Trident and innovative collegiate and alumnae initiatives, Tri Delta is committed to leveraging our timeless values to revitalize the sorority experience. For more information, please visit www.tridelta.org or call (817) 633-8001.