Every fraternity pledge class should be empowered to control their own finances. Doing so will not only empower the class, it will teach them the importance of being fiscally responsible.
The pledges should create a treasurer for their class. The fraternity treasurer should mentor this pledge on the responsibilities of the position. The fraternity treasurer should give the pledge treasurer dates when dues payments are due and make them responsible for reporting to the chapter the dealings of the pledge class finances.
If the pledge class seeks to eliminate their dues with a robust fundraising plan such as the one I describe, they should control those monies as well.
Whatever surplus funds are earned should remain in the pledge class account. However, this account should be drained to zero every semester.
The pledge class will have earned that money, so they should be able to decide what to do with it. And let them decide – because those are the experiences that build the feeling of brotherhood in the pledges. Also, the pledges will positively surprise you every time with how they decide to spend the money on the fraternity.
Empower the new members to learn the financial obligations of being in a fraternity. This is an important component of running a successful organization, and should be taught to all new members.